Disallowance u/s. 14A deleted as investment made out of sufficient own interest free funds

Thomson Press India Ltd. Vs ITO (ITAT Delhi)

ITAT Delhi held that disallowance under section 14A of the Income Tax Act is liable to be deleted in as much as fresh investment is made out of sufficient own interest free funds in the shape of reserve and capital.

Facts- The assessee company is engaged in the business of commercial printing and phototypresetting. The return of income for the year under appeal was filed on 30.09.2009 at a loss of Rs. 24,85,16,205/-. The case was taken up for scrutiny and assessment was completed u/s 143(3) on 26.12.2011 by making

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