No disallowance u/s. 14A as sufficient interest free funds available: ITAT Mumbai

Piramal Enterprises Ltd. Vs DCIT (ITAT Mumbai) ITAT Mumbai held that no disallowance u/s. 14A of the Income Tax Act r.w.r. 8D(2)(ii) due to availability of sufficient interest free funds for the purpose of making investment in exempt income yielding assets. Facts- Assessee has preferred the present appeal mainly contesting that CIT(A) erred in upholding the AO’s action of reducing the deduction us 80-1C of the Act by Rs. 13,63,01,000-on account of allocation of R&D Expenditure and Interest Expenditure on the alleged ground that such expenditure are attributable to the Baddi Unit. Whe...