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2016 (2) TMI 919 - AT - Income TaxDisallowance u/s 14A - Held that:- We find force in the submissions of the assessee that only those investments which would yield dividend and which is exempt should be considered for disallowance under Rule 8D(2)(iii). We also hold that the disallowance under section 14A should not exceed the dividend income earned by the assessee. We direct the AO to recompute the disallowance taking only those investments which yield dividend income and apply Rule 8D(2)(iii) and such disallowance should not exceed the dividend income earned by the assessee. Decided in favour of assessee for statistical purpose.
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