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2016 (2) TMI 422 - AT - Income TaxDisallowance u/s. 14A read with Rule 8D - Held that:- It is undisputed fact that the assessee has reserved and surplus share capital to the extent of ₹ 5888.76 lacs. The assessee has mixed fund, the presumption for interest free fund is also applicable in the case of assessee but following the various decisions on this issue, Section 14A read with Rule 8D becomes redundant. It is also a fact that the management as well as staff and other office facilities available with the assessee are used for making investment in shares, therefore, it cannot be ruled out that no income can be generated without any expenditure. The quantum may be variance and depend on investment made by the assessee. Therefore, we , in the interest of justice, uphold the disallowance U/s 14A at ₹ 5 lacs against the disallowance confirmed by the ld CIT(A) at ₹ 23,84,269/- - Decided partly in favour of assessee
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