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2016 (5) TMI 531 - AT - Income TaxDisallowance u/s 14A - Held that:- Assessee has earned dividend income at ₹ 2,07,300/- and it is also undisputed fact that assessee is engaged in the business of trading of shares and securities. From going through the decision of the co-ordinate bench referred and relied on by ld. AR in the case of M/s K. Ratanchand & Co. vs. ITO [2015 (10) TMI 2171 - ITAT AHMEDABAD ] wherein held that in such cases disallowance u/s 14A should not exceed exempt income earned by the assessee. Respectfully following the above decision of the co-ordinate bench in the case of M/s K. Ratanchand & Co. vs. ITO (supra), we are of the view that on the given facts and circumstances of the case, disallowance u/s 14A of the Act should be restricted to the extent of exempt income earned by the assessee at ₹ 2,07,300/-. - Decided partly in favour of assessee
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