Disallowance u/s. 14A deleted since sufficient own funds available to cover investment

DCIT Vs Hero Cycles Ltd (ITAT Chandigarh) ITAT Chandigarh held that disallowance under section 14A of the Income Tax Act set aside since own funds and reserves of the assessee are more than sufficient to cover the investment made during the year. Accordingly, appeal of revenue dismissed. Facts- During the course of assessment, AO worked out the disallowance under section 14A of the Act at Rs.14,15,10,213/-. CIT(A) after considering the submissions of the assessee, deleted the disallowance made by AO. Being aggrieved, department has preferred the present appeal. The grievance of the Department...