Additions deleted against the Interest disallowance u/s 36(1)(iii) & excise duty u/s 145A. Disallowance u/s 14A r.w.r. 8D upheld.

ITAT Ahmedabad held that disallowance of interest u/s. 36(1)(iii) was unjustified as the assessee had substantial interest-free funds. Addition u/s. 145A for excise duty on closing stock was deleted based on Supreme Court decisions. Disallowance u/s. 14A r.w.r. 8D for exempt income was upheld as indirect expenses were involved. The disallowance made by the Assessing Officer was approved by the Ld.CIT(A). .....

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