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2014 (5) TMI 658 - ITAT CHENNAIExemption u/s 10B - Exclusion of freight - Export and insurance from export turnover – Held that:- CIT(A) rightly directed the AO to exclude freight expenses from export turnover as well as from total turnover - Whatever is to be reduced from export turnover has to be reduced from total turnover as well – Following Income-Tax Officer. Versus Sak Soft Limited [2009 (3) TMI 243 - ITAT MADRAS-D] - there was no infirmity in the order of CIT(A) – Decided against Revenue. Disallowance u/s 14A r.w. Rule 8D of the Act – Dividend income – Held that:- The assessee has made investments of yielding tax free income for the AY – Following Godrej and Boyce Manufacturing Co. Ltd vs. DCIT [2010 (8) TMI 77 - BOMBAY HIGH COURT] - the provisions of Rule 8D are applicable from AY 2008-09 onwards - the provision of Rule 8D cannot be applied in the present AY i.e. 2006-07 - disallowance u/s.14A has to be made keeping in view huge investments made by the assessee – CIT(A) has made disallowance at the rate of 5% of dividend received by the assessee for AY which is a fair and reasonable view – Decided against Revenue.
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