No Section 14A Disallowance if Assessee has Surplus Interest-Free Funds Exceeding Exempt Income Investments

Aditya Birla Nuvo Limited Vs ACIT (ITAT Mumbai)

Introduction: Aditya Birla Nuvo Limited secured a significant victory when the Income Tax Appellate Tribunal (ITAT) Mumbai granted relief in a recent appeal. The ruling pertained to the disallowance under Rule 8D(2) of the Income Tax Rules, considering investments that had generated exempt income.

Detailed Analysis:

1. Background of the Appeal: <

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