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2018 (11) TMI 1854 - ITAT HYDERABADDisallowance of expenditure u/s 14A - HELD THAT:- The grievance of the assessee is that disallowance u/s 14A cannot exceed the exempt income. We find that in the case of Joint Investments (P.) Ltd. [2015 (3) TMI 155 - DELHI HIGH COURT] held that the window for disallowance is indicated in section 14A and is only to the extent of disallowing expenditure incurred by the assessee in relation to exempt income. Therefore, we are of the view that disallowance under section 14A cannot exceed the exempt income, and, hence, we direct the assessing officer to restrict disallowance under section 14A to the extent of exempt income earned by the assessee. Accordingly are allowed.
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