https://www.taxtmi.com/caselaws?id=328393 Where investments were unchanged during the year and the assessee had sufficient own funds, the presumption was that the investments in mutual funds and shares were made from those funds; in the absence of contrary material from the Revenue, the interest disallowance under section 14A was not sustained. The administrative expense disallowance under section 14A read with Rule 8D was restricted to Rs. 2 lakh, as the Tribunal found the working based on average investments to be supported and no material showed a higher figure. For book profit computation under section 115JB, the amount relatable to exempt income was required to be added back, so the deletion of that adjustment was reversed. en-us Tue, 03 May 2016 00:00:00 +0530 Thu, 02 Jun 2016 15:38:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328393 Where investments were unchanged during the year and the assessee had sufficient own funds, the presumption was that the investments in mutual funds and shares were made from those funds; in the absence of contrary material from the Revenue, the interest disallowance under section 14A was not sustained. The administrative expense disallowance under section 14A read with Rule 8D was restricted to Rs. 2 lakh, as the Tribunal found the working based on average investments to be supported and no material showed a higher figure. For book profit computation under section 115JB, the amount relatable to exempt income was required to be added back, so the deletion of that adjustment was reversed. Case-Laws Income Tax Tue, 03 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328393