2013 (8) TMI 238 - GUJARAT HIGH COURT

Business expenditure u/s 37(1) - Payment in Provident Fund - Disallowance u/s 14A - Held that:- Tribunal deleted disallowance - Held that:- if there are interest free funds available to an assessee sufficient to meet its investments and at the same time the assessee has raised a loan it can be presumed that the investments were from interest free funds available - assessee has suo moto disallowed sum u/s. 14A - Assessing Officer had, without giving a finding as to how much administrative expenditure have been incurred to earn the exempt income, had made disallowance - Following decision of CIT v. Reliance Utilities & Power Ltd. [2009 (1) TMI 4 - HIGH COURT BOMBAY] - Decided against Revenue.