Where assessee’s own interest free funds were more than investments made by it in shares and securities yielding exempt income and its interest bearing borrowings were for specific purposes and no part of it was invested in securities and, further, Assessing Officer also concluded that it was infact mixed funds which were available with assessee, presumption would arise that assessee used its own interest free funds for making investments in shares and securities; thus, there could be no disallowance u/s. 14A. Relying on various decisions of Supreme Court Maxopp Investment Ltd v. CIT (2018) 402 ITR 640 (SC) the Tribunal ruled that strategic investments made with group/associated companies etc. cannot be excluded while computing disallowance u/s 14A and the disallowance cannot exceed exempt income and thirdly that only those investments which yielded an exempt income be only considered while computing disallowance u/s 14A of the 1961 Act read with Rule 8D(2)(iii) of the 1962 Rule. (AY. 2008 -09, 2009-10, 2010-11, 2011-12)