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Assessee has raised the ground that in the facts & circumstances of thecase, The Ld. CIT(A) has wrongly upheld the disallowance made by Ld. A.0. u/s 14A under rule 8D2(iii) of the Income Tax Act, 1961 of expenditure of Rs. 2,97,725/- on account of exempt income.

Shanti Prime Publication Pvt. Ltd.

Sec. 14A of Income Tax Act, 1961—Expenditure incurred in relation to income not forming part of total income — There is no correlation between the investment made in the shares of other company with the borrowing of funds during the year. hence, CIT(A) rightly held that interest disallowed has to be restricted to the extent of funds invested in Glofin Investment & Finance during the year. - ABHINAV INTERNATIONAL P. LTD. V/s DEPUTY CIT - [2020] 82 ITR (TRIB) 258 (ITAT-DELHI)