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2013 (10) TMI 278 - AT - Income TaxDisallowance u/s 14A of the Income Tax Act – Held that:- Assessee explained investment to the tune of Rs.17.24 crores out of which an amount of Rs. 10 crores was out of the current account of Vysya Bank, in which repayment of loan advanced to Aparna Constructions on 05.02.2007 was credited. Thus, there is a nexus between the borrowed fund to that of investment in mutual fund – A.O. was directed to restrict the disallowance to the period for which the borrowed funds were utilised for investment - Issue remitted to the file of the Assessing Officer to work-out the disallowance accordingly – Appeal allowed for statistical purpose – Decided in favor of Assessee.
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