No interest expense disallowance when own fund exceeds capital work-in-progress

Axis Bank Limited Vs DCIT (ITAT Ahmedabad) Facts- The assessee is a Scheduled Bank and is engaged in the business of banking. The assessee in the year under consideration has earned exempt income of Rs. 13,83,14,263/- by way of dividend. The assessee against such income has made the disallowance of Rs. 1,06,39,198/- under the computation of income under protest in pursuance to the provision of section 14A of the Act. However, the AO during the assessment proceedings found that there was no basis for making the disallowance of Rs. 1,06,39,198/- against the exempted income. As per the AO the dis...