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2012 (11) TMI 308 - AT - Income TaxDisallowance made u/s 14A of the Income-tax Act – alleged that assessee reflected tax free dividend income and incurred financial charges, it did not offer any disallowance u/s 14A of the Act - applicability of Rule 8D – Held that:- Assessing officer will have to determine the amount of expenditure incurred in relation to income which does not form part of the total income under the said Act. He is required to do so on the basis of a reasonable and acceptable method of apportionment - whether or not borrowed funds had indeed been utilised in investment in shares for earning exempt income - appeal is allowed but partly for statistical purposes
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