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2013 (11) TMI 155 - ITAT MUMBAIDisallowance of interest paid to bank – Held that:- Although the assessee has advanced Rs. 1.12 crores out of the total assets of Rs.1.91 crores to various people without charging interest – The assessee has not paid any interest on total assets of Rs. 1.91 crores – Out of total bank loan taken the assessee has utilized only Rs.13.66 lakhs for margin deposit with stock broker - The disallowance shall be restricted to interest on Rs.13.66 lakhs - Decided in favour of assessee. Disallowance of interest u/s 14A read with rule 8D – Held that:- In view of the exempt income shown by the assessee in return of income – the disallowance u/s 14A read with Rule 8D is reasonable and justifiable – Decided against assessee.
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