https://www.taxtmi.com/caselaws?id=212433 HC dismissed the tax appeal, holding that Section 14A disallowance of interest was not warranted. The assessee demonstrated most investments in tax-free securities predated the loan, only a small portion was made later, and other funding sources existed; CIT(A) and the tribunal found no diversion of borrowed funds to earn tax-free income. The HC agreed that applying s.14A was unjustified on facts and declined to entertain the second question because the revenue impact was only 10,700, so no substantial question of law arose. en-us Mon, 28 Mar 2011 00:00:00 +0530 Sat, 23 Aug 2025 10:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212433 HC dismissed the tax appeal, holding that Section 14A disallowance of interest was not warranted. The assessee demonstrated most investments in tax-free securities predated the loan, only a small portion was made later, and other funding sources existed; CIT(A) and the tribunal found no diversion of borrowed funds to earn tax-free income. The HC agreed that applying s.14A was unjustified on facts and declined to entertain the second question because the revenue impact was only 10,700, so no substantial question of law arose. Case-Laws Income Tax Mon, 28 Mar 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212433