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2018 (2) TMI 2070 - AT - Income TaxDisallowance u/s 14A r.w.r. 8D - disallowance of interest expenditure - HELD THAT:- As in the Asstt.Year 2012-13 [2017 (12) TMI 1611 - ITAT AHMEDABAD] the Tribunal has restricted the disallowance of interest expenditure equivalent to the dividend income or exempt income by following the decision of the Hon’ble Delhi High Court in the case of CIT Vs. Taikisha Engg. (I) Ltd., [2014 (12) TMI 482 - DELHI HIGH COURT] - Tribunal has placed reliance upon the decision of the ITAT, Mumbai Bench in the case of Daga Global Chemicals Ltd.[2015 (1) TMI 1204 - ITAT MUMBAI] Neither the AO has mentioned exact amount of dividend income or exempt income earned by the assessee in the assessment order nor ld.CIT(A) - It is not discernible from the record whether these details were given to the AO or not, and whether the AO has verified this or not. Considering this aspect, we deem it appropriate to set aside the issue to the file of AO with direction that the ld.AO shall verify quantum of dividend income/exempt income and restrict the disallowance out of interest expenditure equivalent to the exempt income/dividend income. Appeal of the assessee is allowed for statistical purpose.
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