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2015 (4) TMI 1171 - AT - Income TaxDisallowance u/s 14A - computation of deduction - Held that:- Hon’ble Delhi High Court in Joint Investment Pvt. Ltd. Vs. CIT [2015 (3) TMI 155 - DELHI HIGH COURT] has held that the disallowance u/s 14A cannot exceed the amount of exempt income. The amount of disallowance u/s 14A should not exceed the exempt income. Since the total exempt income in the instant case is ₹ 25,38,020/-, we direct that the disallowance u/s 14A be restricted to ₹ 18,01,968/- (Rs.25,38,020- ₹ 7,36,052/-). The remaining amount of disallowance is directed to be deleted.
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