TMI Blog2017 (7) TMI 1291X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee has sufficient interest free funds and there was nothing on record to suggest that interest bearing funds were diverted for investment - HELD THAT:- We notice that both these questions were considered by the Division Bench of this Court in GMM PFAULDER LTD. [ 2014 (10) TMI 1002 - GUJARAT HIGH COURT] concerning the same assessee for earlier assessment year. These questions were rejected ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d in law and on facts in deleting the disallowance of ₹ 70,05,000/made on account of proportionate interest expenses u/s.36(1)(iii) of the Act made by the Assessing Officer on the interest free funds advance to it subsidiary companies? 2. First question pertains to disallowance made by the Assessing Officer under section 14A of the Act read with rule 8D which disallowance was rest ..... X X X X Extracts X X X X X X X X Extracts X X X X
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