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2016 (7) TMI 1295 - AT - Income TaxDisallowance u/s 14A read with Rule 8D - Held that:- The exempt income surely cannot swallow the entire amount and the disallowance u/s 14A read with Rule 8D cannot exceed the exempt income [SEE Daga Global Chemicals P Ltd (2015 (1) TMI 1204 - ITAT MUMBAI)]. Considering the settled legal position of the issue, we are of the opinion that the disallowance under the said provisions of 14A read with Rule 8D should be restricted to the exempt income. We direct the AO accordingly. - Decided in favour of assessee.
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