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2015 (1) TMI 1205 - ITAT LUCKNOWDisallowance u/s 14A - CIT(A) deleted the addition - Held that:- In the present case, the CIT(A) has deleted the disallowance out of interest expenditure by following the judgment of Hon'ble Karnataka High Court in the case of CCI Limited vs. JCIT (2012 (4) TMI 282 - KARNATAKA HIGH COURT ). We have seen that in the present case, this judgment of Hon'ble Karnataka High Court is not applicable because the assessee is not dealer in shares. This is not shown by the assessee before us or before any of the authorities below that the interest expenditure incurred by the assessee was directly relatable to taxable income and therefore, in the facts of the present case, Rule 8D is applicable with regard to such interest expenditure. The Assessing Officer has made disallowance as per Rule 8D and hence, we reverse the order of CIT(A) in both the years and restore that of the Assessing Officer. - Decided against assessee
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