Disallowance of sec. 14A

Disallowance of sec. 14A was to be made even if exp. related to exempt income was transferred to work-in-progress

IT : Where assessee developer received interest free flat booking advances which it invested to earn exempted income, even if assessee had debited related administrative expenses to P&L account and then transferred same to work-in-progress, disallowance was to be made under section 14A.

IT : Interest income earned from debentures being taxable, investments could not be considered as part of ‘investments’ for computing section 14A disallowance of expenditure.