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2020 (9) TMI 530 - ITAT DELHIDisallowance u/s 14A r.w.r. 8D(2)(iii) - HELD THAT:- Special Bench of ITAT Delhi in the case of ACIT Vs. Vireet Investments Pvt. Ltd. [2017 (6) TMI 1124 - ITAT DELHI] authored by a Member of this Bench held that only those investments are to be considered for computing the average value of investment which have yielded exempt income during the year. Following the said judgment, we hereby hold that interests of justice would be well served by computing the disallowance @ 0.5% on the average investment of ₹ 18,00,000/- (opening balance – Nil) made in M/s Lakshaya Investment only which has yielded the profits. In the result, the disallowance determined by the ld. PCIT stands modified to ₹ 45,000/-. Appeal of the assessee is treated as allowed.
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