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2019 (4) TMI 1292 - ITAT BANGALOREDisallowance u/s 14A cannot exceed the exempt income - CIT(A) restricted / upheld the disallowance u/s 14A r.w.r. 8D to the extent of exempt dividend income earned by the assessee - HELD THAT:- In the case of Joint Investments (P) Ltd., Vs. CIT [2015 (3) TMI 155 - DELHI HIGH COURT] has taken the view that the disallowance u/s 14A of the Act cannot exceed the exempt income. We hold that the disallowance u/s 14A of the Act in the case on hand should be restricted to the exempt dividend income earned by the assessee in the year under consideration. Consequently, the grounds raised by Revenue are dismissed.
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