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2015 (7) TMI 1241 - ITAT MUMBAIALV determination - annual value of the property was determined by the AO on the basis of rent received and notional interest on the interest free security received from the tenant - Held that:- As in the own case of the assessee for earlier assessment year held that the municipal value should be taken as ALV without deduction of any municipal taxes which were borne by the tenant. Disallowance under section 14A r.w. rule 8D - Held that:- CIT(A) has rightly restricted the disallowance to ₹ 4,77,399/- as the disallowance can not exceed the total expenses claimed in the Profit and Loss Account by the assessee and thus we find no infirmity in the order of CIT(A) and therefore the ground no 2 is dismissed.
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