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2016 (6) TMI 879 - AT - Income TaxDisallowance under section 14A - quantification of disallowance under section 14A of the Act on account of expenditure incurred by the assessee in relation to income in the form of dividends, which is exempt from tax - Held that:- the shares and securities treated as stock-in-trade cannot be considered for the purposes of working of disallowance under section 14A of the Act r.w. Rule 8D of the Rules. Accordingly, the disallowance under section 14A of the Act quantified by the income tax authorities at ₹ 17,45,347/- is untenable and the working of the disallowance furnished by the assessee during the assessment proceedings at ₹ 2,80,797/- is hereby affirmed. See M/s. India Advantage Securities Ltd [2015 (6) TMI 140 - BOMBAY HIGH COURT ]
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