No disallowance of interest for investment earning exempt income if investment are made out of interest free funds

Issue:  Investment made through borrowed fund, interest on borrowed funds, whether claim in disallowed within the provisions of section 14A r.w. 37 (1)

Sections Involved:

Section 14A r.w. 37 (1) of Income Tax act, 1961

Appeal by Assessee before ITAT: (Relevant Extract)

4. That on the facts and in the circumstances of the case, the learned CIT (A) erred in upholding an ad-hoc

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