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2016 (7) TMI 1597 - AT - Income TaxDisallowance u/s.14A r.w.r. 8D - HELD THAT:- Window for disallowance u/s.14A of the Act is only to the extent of a portion of the tax exempt income and could not swallow the entire amount. If the contention of the Revenue is accepted disallowance would be much more than the claim of exempt income. As relying on Joint Investments P. Ltd [2015 (3) TMI 155 - DELHI HIGH COURT] this is patently incorrect. Maximum amount that could have been disallowed u/s.14A and nothing more. Assessee is given relief to this extent.
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