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2016 (3) TMI 312 - ITAT MUMBAIDisallowance u/s 14A r.w. Rule 8D - Held that:- Hon'ble Jurisdictional High Court in the case of CIT v. HDFC Bank Ltd. [2014 (8) TMI 119 - BOMBAY HIGH COURT ] has laid down the proposition that, if the assessee's capital, profits, reserves and surplus and current account deposits are higher than the investments in tax free securities, then it would be presumed that the investments made by the assessee would be out of interest free funds available with the assessee. Respectfully following the decision of the Hon‟ble Bombay High Court in the case of HDFC Bank Ltd. (supra) and of the co-ordinate bench in the case of Centrum Direct Ltd. [2016 (3) TMI 233 - ITAT MUMBAI], we concur with the contention of the assessee that no disallowance of interest can be made u/s 14A r.w. Rule 8D of the Act. - Decided in favour of assessee
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