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2014 (1) TMI 1183 - AT - Income TaxDisallowance u/s 14A of the Act r.w Rule 8D of the rules – Dividend income – Held that:- The entire expenditure debited by assessee in its profits and loss account could not be said to have been incurred only for earning exempt income under the Act - A reasonable allocation of expenditure has to be made which can be attributed to the income which is chargeable to tax particularly bank interest income as against dividend income – the expenditure as worked out by assessee, the details of which are mentioned by AO is reasonable to make disallowance u/s 14A with Rule 8D - the disallowance restricted to Rs.7,21,927 – Decided in favour of Assessee.
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