Disallowance u/s. 14A unjustified as own funds are in excess of investments made in funds yielding excempt income: ITAT Ahmedabad

Axis Bank Ltd Vs ACIT (ITAT Ahmedabad)

ITAT Ahmedabad held that disallowance of interest under section 14A unjustified as assessee’s own funds are far in excess of the investments made in funds yielding exempt income.

Facts- The assessee company filed its return of income for A.Y. 2010-11 on 07.09.2010 declaring a total income at Rs. 43,15,45,21,002/-. The first assessment order u/s. 143(3) of the Act was passed on 26.02.2013 assessing the total income of the assessee at Rs. 44,82,61,63,918/- after making additions / disallowances of Rs. 2,61,960,802/- u/s

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