No disallowance u/s 14A r.w. Rule 8D if interest income exceeds interest expenditure

CA Sandeep Kanoi Facts of the case :- The assessee company is a builder and developer of residential and commercial projects. It was noted by the AO that the assessee company is a partner in several “partnership firms”. The AO had made a list of all those firms along with profit sharing ratio of the assessee in those firms. It was noted by the AO that for A.Y.2009-10, the assessee had earned profit from those “partnership firms” Rs.20,54,20,402/-. The said profit was claimed as exempt u/s.10(2A) of IT Act. The assesse’s investment in those firms as on 31st of March, 2009 was Rs.66,63...