Section 14A disallowance unjustified with ample interest-free funds for investments

Pr. CIT Vs DLF Home Developers Ltd (Delhi High Court) Delhi High Court held that tribunal rightly deleted disallowance made by AO u/s. 14A of the Income Tax Act read with rule 8D of the Income Tax Rules as assessee had sufficient interest-free funds available with it to make investment. Facts- The present writ is preferred by the revenue on the sole issue contesting that the Tribunal has erred in deleting the disallowance amounting to Rs. 80,66,72,112/- made by AO under section 14A of the Income Tax Act read with rule 8D of the Income Tax Rules. Notably, AO applied the provisions of Rule 8D(2...