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2014 (9) TMI 1018 - AT - Income TaxDisallowance u/s 14A - Held that:- On a perusal of the Balance sheet filed by the assessee we notice that the assessee has got huge borrowals and own funds are very much less visà- vis borrowed funds. Hence, the interest disallowance may also fall under Rule 8D(2)(i) of the Rules. We notice that the AO has chosen to make disallowance under Rule 8D(2)(ii) of the IT Rules. In view of the foregoing discussions, we are of the view that this issue requires examination afresh. Hence, we prefer to set aside all the matters to the file of AO. Accordingly, we set aside the order of Ld CIT(A) and restore all the matters to the file of the assessing officer with the direction to examine this issue afresh in the light of discussions made supra and also by duly considering the information and explanations furnished by the assessee and take appropriate decision in accordance with the law. - Decided in favour for assessee for statistical purposes.
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