Held that, own funds were far more than the investments made in shares and securities. Therefore, no disallowance could be made under section 14A read with rule 8D(2)(ii). The AO had not recorded any satisfaction referring to the assessee’s books of account as to how the disallowance made by the assessee under section 14A of the Act read with rule 8D(2)(iii) of the Rules was wrong. The recording of such satisfaction was a prerequisite for invoking the provisions of section 14A. The insertion of the non-obstante clause in section 14A was prospective in nature. The memorandum to the Finance Bill, 2022 explicitly provided that the amendment made to section 14A would take effect from April 1, 2022, and would, accordingly, apply to the assessment year 2022-23 and later assessment years. The decision of the Tribunal holding the amendment to be retrospective in nature was wrong and could not be applied.  (AY.2014-15)