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2017 (10) TMI 1571 - AT - Income TaxAddition u/s 14A - Assessee challenging addition u/s 14A on the ground that the AO should not resort to disallowance u/s 14A without giving a finding as to correctness or otherwise of the claim of the assessee that no expenditure was incurred to earn exempt income - CIT(A) restricting the disallowance u/s 14A to the extent of exempt income earned - HELD THAT:- Now law is settled that, disallowance u/s 14A cannot exceed the exempt income. Since the order of the CIT(A) is in consonance with settled proposition of law, we do not find any reason to interfere with the order of the CIT(A).
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