ITAT directs AO to restrict  disallowance to those investments which earned dividend income

Deven Supercriticals Pvt. Ltd. Vs DCIT (ITAT Pune)

Admittedly, the assessee has its own funds under Capital and Reserve to an extent of Rs. 15.62 crores which is not disputed by the AO nor the CIT(A). Further, there is no dispute with regard to investments made to an extent of Rs. 11.40 crores as on 31-03-2014 by the AO and the CIT(A). It is clearly establishes that the Capital and Reserve of assessee are more than the investments made under the year under consideration. Therefore, It is to be presumed that the asses

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