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2018 (6) TMI 1627 - ITAT BANGALOREDisallowance u/s 14A - claim restricted to the exempt income earned by the assessee - HELD THAT:- Hon'ble Delhi High Court in the case of Joint Investments (P) Ltd. v. CIT [2015 (3) TMI 155 - DELHI HIGH COURT] has taken the view that disallowance u/s. 14A cannot exceed the exempt income. Similar view was expressed by the Hon'ble Delhi High Court in the case of CIT v. Holcim India Pvt. Ltd., [2014 (9) TMI 434 - DELHI HIGH COURT] . These decisions were considered by the Mumbai Bench of the Tribunal in the case of Future Corporate Resources Ltd v. ACIT [2017 (9) TMI 805 - ITAT MUMBAI] relating to AY 2011-12 and it was held by the Tribunal Mumbai Bench that disallowance u/s. 14A of the Act cannot exceed the exempt income. Following the aforesaid decisions, we hold that disallowance u/s. 14A in the present case should be restricted to the exempt income earned by the assessee. - Appeal of the assessee is partly allowed
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