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2019 (1) TMI 1782 - AT - Income TaxDisallowance of expenses u/s.14A r.w.r. 8D(2)(i)(ii) & (ii) - assessee alleged disallowance under section 14A read with Rule 8D on account of expenses incurred in relation to the said exempt income cannot exceed the amount of dividend income actually earned. - HELD THAT:- Since this issue is squarely covered by the decision in the case of Joint Investments Pvt. Limited –vs.- CIT [2015 (3) TMI 155 - DELHI HIGH COURT] wherein it was held that the disallowance under section 14A cannot exceed the actual amount of exempt income earned by the assessee, we allow the limited relief claimed on behalf of the assessee and restrict the disallowance made under section 14A read with Rule 8D to amount being the amount of dividend income actually earned. - Decided partly in favour of assessee.
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