Interest on Bank overdraft- Used in business vis-a-vis investment in mutual funds

Allen Career Institute Vs The JCIT (ITAT Jaipur)

Where assessee is having mixed funds and interest free funds are larger than the amount of investments made during the year, can a presumption be drawn that the investments in the mutual fund units have been made out of interest- free funds and not out of interest bearing funds. In this regard, we find that the assessee is having opening bank balance in their FDR account at the beginning of the year amounting to Rs. 62.99 Cr. and closing balanc

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