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2013 (6) TMI 761 - AT - Income TaxRecompute the disallowance u/s. 14A - Held that:- We find that the direct expense in the form of Demat charges and STT on shares and also bank charges are debited in the capital account. The assessee has not claimed any of these direct expenses. A perusal of the capital account and the balance sheet exhibited at pages 14 & 15 of the Paper book show that the assessee has not claimed any expenses therefore, we do not find any reason for making any disallowance u/s. 14A r.w. Rule 8D of the Act. However, to meet the ends of justice, we direct the AO to restrict the disallowance to 5% of the exempt income.
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