No Proportionate disallowance of Interest u/s 14A if investments in shares been made from interest free funds

CA Sandeep Kanoi

Issue and Facts of the Case- During the course of assessment proceedings, on perusing the balance sheet A.O. noticed that Assessee had investments of Rs. 6,23,03,240/- in the shares and securities of its group companies. He also noticed that Assessee had obtained interest bearing secured loans of Rs. 19.25 crores and unsecured loan of Rs. 81.29 crores and had paid interest and financial charges of Rs. 10.10 crores. A.O. was therefore of the view that interest bearing business fu

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