https://www.taxtmi.com/caselaws?id=367501 Disallowance under section 14A read with Rule 8D(2)(ii) for proportionate indirect interest was deleted where the assessee showed investments were made from own funds and reserves, and no specific diversion of interest-bearing borrowings to exempt investments was established. General fund-flow observations were insufficient because the revenue did not identify any direct nexus between borrowed funds and the investment activity. The deletion was upheld. en-us Wed, 05 Sep 2018 00:00:00 +0530 Fri, 21 Sep 2018 08:26:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=367501 Disallowance under section 14A read with Rule 8D(2)(ii) for proportionate indirect interest was deleted where the assessee showed investments were made from own funds and reserves, and no specific diversion of interest-bearing borrowings to exempt investments was established. General fund-flow observations were insufficient because the revenue did not identify any direct nexus between borrowed funds and the investment activity. The deletion was upheld. Case-Laws Income Tax Wed, 05 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=367501