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2019 (7) TMI 1531 - AT - Income TaxDisallowance under sec.14A r.w. rule 8D - addition applying rule 8D(2)(ii) and 8D(2)(iii) - HELD THAT:- The amount of disallowance cannot exceed exempt income is settled. Accordingly, we hold that the disallowance cannot exceed the amount of exempt income. On the second limb of argument that only investments which yielded exempt income should alone be considered, in the light of the decision of the Special Bench of Tribunal in the case of ACIT vs. Vireet investment Pvt. Ltd. & anr [2017 (6) TMI 1124 - ITAT DELHI] the contention of the assessee is accepted. We restore the disputed issue to the file of the AO for limited purpose to restrict the disallowance u/s 14A to the extent of exempt income and allow the grounds of appeal are allowed for statistical purposes.
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