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2017 (11) TMI 1644 - AT - Income TaxRectification of mistake - Disallowance u/s 14A read with Rule 8D(2)(ii) & (iii) - Held that:- ITAT's failure to consider the submissions filed by the assessee at the time of hearing wherein it was demonstrated that the own capital of the assessee exceeds the amount of investment therefore there is no question of making the disallowance of interest expenses. In view of the above we hold that the mistake apparent from the record has occurred in the order passed by this Hon’ble ITAT in pursuance to the provisions of section 254(2) of the Act. We therefore recall the impugned order for the limited purpose of adjudication of the disallowance made by the AO under section 14A of the Act. Accordingly the registry is directed to fix the case for hearing in due course of time. Hence the ground filed by the assessee in Miscellaneous Application is allowed.
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