[aaykarbhavan] No sec. 14A disallowance on interest payments if assessee had interest-free funds to make tax free investments

No sec. 14A disallowance on interest payments if assessee had interest-free funds to make tax free investments

February 9, 2015[2015] 53 taxmann.com 519 (Ahmedabad - Trib.)/[2014] 31 ITR(T) 668 (Ahmedabad - Trib.)

IT : Where assessee was having sufficient interest free funds and, no interest bearing loan was used for non-business purpose, there would be no disallowance of interest expenditure

IT : Where interest free funds available with assessee were far in excess of investments generating tax free income, no part of interest expenditure would be disallowed

 

Regards

Prarthana Jalan

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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>

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