https://www.taxtmi.com/caselaws?id=755570 Section 14A read with Rule 8D disallowance was not sustainable where the assessee's own funds substantially exceeded the tax-free investments and the Revenue failed to show that the investments were made from borrowed funds; the deletion of the addition beyond the amount suo motu disallowed was upheld. Deduction under section 80IA(4) for captive power generation was also held allowable, and the assessee could adopt the consumer supply rate of the distribution company for valuation of power. The High Court found no reason to depart from settled precedent and held that no substantial question of law arose, so the appeal was dismissed. en-us Mon, 06 May 2024 00:00:00 +0530 Mon, 15 Jul 2024 08:19:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755570 Section 14A read with Rule 8D disallowance was not sustainable where the assessee's own funds substantially exceeded the tax-free investments and the Revenue failed to show that the investments were made from borrowed funds; the deletion of the addition beyond the amount suo motu disallowed was upheld. Deduction under section 80IA(4) for captive power generation was also held allowable, and the assessee could adopt the consumer supply rate of the distribution company for valuation of power. The High Court found no reason to depart from settled precedent and held that no substantial question of law arose, so the appeal was dismissed. Case-Laws Income Tax Mon, 06 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755570