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2015 (2) TMI 1329 - AT - Income TaxDisallowance of interest expenditure u/s 14A - AO observed that the assessee must have made expenditure for earning the exempt income - disallowance of administrative expenses - contention of the assessee is that the disallowance made should not exceed the exempt dividend income - HELD THAT:- Mumbai Bench of the Tribunal in the case of Daga Global Chemicals P. Ltd. Vs. DCIT [2015 (1) TMI 1204 - ITAT MUMBAI] held that disallowance under section 14A read with Rule. 8D cannot exceed the exempt income. Respectfully following the same, we direct the AO to restrict the disallowance on account of interest and administrative expenses to ₹ 33,446/-. Thus, the grounds of the appeal of the assessee are partly allowed.
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