https://www.taxtmi.com/caselaws?id=330361 Where an assessee's own interest-free funds and free reserves exceed the investments yielding exempt income, a presumption arises that the investments were made from those funds and not from borrowed money. Applying that settled principle, the Bombay HC held that disallowance of interest expenditure under section 14A was not justified on the facts described, and the interest disallowance was deleted. The separate disallowance relating to other expenses under Rule 8D was not in dispute before the Court. en-us Mon, 11 Jul 2016 00:00:00 +0530 Sat, 23 Jul 2016 20:25:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330361 Where an assessee's own interest-free funds and free reserves exceed the investments yielding exempt income, a presumption arises that the investments were made from those funds and not from borrowed money. Applying that settled principle, the Bombay HC held that disallowance of interest expenditure under section 14A was not justified on the facts described, and the interest disallowance was deleted. The separate disallowance relating to other expenses under Rule 8D was not in dispute before the Court. Case-Laws Income Tax Mon, 11 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330361