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2017 (9) TMI 1777 - AT - Income TaxDisallowance u/s 14A - assessee contended that assessee has only received a dividend of ₹ 314 - Held that:- The reliance placed upon the Delhi High Court decision in the case of Joint Investment (2015 (3) TMI 155 - DELHI HIGH COURT) that the disallowance u/s 14A cannot exceed the dividend income earned is cogent. No contrary decision of jurisdictional High Court in this regard has been produced before me. The decision of Hon’ble jurisdictional High Court in the case of Godrej & Boyce [2010 (8) TMI 77 - BOMBAY HIGH COURT], in no way dispute this proposition. Accordingly hold that the disallowance u/s 14A in this case cannot exceed the dividend earned of ₹ 314. Appeal filed by the assessee stands partly allowed.
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