https://www.taxtmi.com/caselaws?id=772186 ITAT Ahmedabad dismissed Revenue's appeal regarding disallowance under Section 14A. The assessee invested in partnership firm and earned exempt share profit. While CIT(A) rejected assessee's argument about sufficient interest-free funds under Rule 8D, it properly considered whether funds were from borrowed capital or own capital. CIT(A) correctly deleted AO's proportionate interest expenditure disallowance of Rs. 69,60,614 against interest income of Rs. 1,22,46,901, while appropriately disallowing administrative expenses under Rule 8D(2)(iii). en-us Fri, 11 Apr 2025 00:00:00 +0530 Thu, 05 Jun 2025 08:25:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772186 ITAT Ahmedabad dismissed Revenue's appeal regarding disallowance under Section 14A. The assessee invested in partnership firm and earned exempt share profit. While CIT(A) rejected assessee's argument about sufficient interest-free funds under Rule 8D, it properly considered whether funds were from borrowed capital or own capital. CIT(A) correctly deleted AO's proportionate interest expenditure disallowance of Rs. 69,60,614 against interest income of Rs. 1,22,46,901, while appropriately disallowing administrative expenses under Rule 8D(2)(iii). Case-Laws Income Tax Fri, 11 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772186