2017 (8) TMI 661

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..... r.Hiro Rai a/w. Mr.Subhash Shetty for the Respondent ORDER Per Court : 1] The appeal pertains to Assessment Year 2008-09. 2] Mr.Kotangale, the learned counsel for the Appellant submits that the Tribunal committed an error in not upholding the disallowance made by the Assessing Officer under Section 14A of the Act read with Rule 8D. It deleted the disallowance by linking investment to the sourc .....

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..... found that the interest free funds are more than investments. It was observed that the Assessee had sufficient interest free funds to cover the investment. The balance sheet shows that the Assessee has interest free funds amounting to Rs. 14,88,38,332/and the investment of Rs. 9,71,56,751/, which shows that the Assessee was having sufficient interest free funds to make the investment. 5] Conside .....

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