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2014 (6) TMI 218 - AT - Income TaxDisallowance u/s 14A r.w. Rule 8D of the Act – Held that:- The disallowance made in the case of the assessee u/s 14A by applying Rule 8D is much more than the expenditure actually claimed by the assessee – Relying upon GILLETTE GROUP INDIA PVT LTD Versus DEPUTY COMMISSIONER OF INCOME TAX [2013 (9) TMI 225 - ITAT DELHI] - the disallowance u/s 14A cannot exceed the expenditure actually claimed by the assessee – thus, the AO is directed to restrict the disallowance u/s 14A only to the extent of expenditure actually claimed by the assessee – Decided partly in favour of Assessee.
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