Disallowance of interest u/s 14A r.w rule 8D unsustainable as borrowed funds not utilized for making investment

DCIT Vs Indian Farmers Fertiliser Cooperative Limited (ITAT Delhi)

ITAT Delhi held that disallow of any interest expenditure u/s 14A r.w. Rule 8D of the Act unsustainable as the interest bearing funds borrowed by the assessee have not been utilized for making the investments.

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