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2011 (10) TMI 613 - ITAT MUMBAIExtract: .......nd income earned by the assessee is disallowed as expenditure incurred in relation to the earning of exempt income. Thus, we allow this ground in part and direct the Assessing Officer to disallow only 5 of the dividend income earned u/s 14A. 13. In the result, both the appeals are allowed in part. Order pronounced on this 14th day of October, 2011.
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