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2016 (7) TMI 1040 - AT - Income TaxDisallowance of expenses relatable to earning exempted income by invoking the provisions of Section 14A r.w.r 8D - Held that:- Revenue has not disputed the availability of assessee’s own interest free funds as detailed out by the assessee before the learned CIT (A) and now before us also. Hence, this being the position, the issue in the present appeal is squarely covered by the decision of the Hon’ble Bombay High Court in the case of Reliance Utilities & Power Ltd. (2009 (1) TMI 4 - BOMBAY HIGH COURT ). In view of the above facts, we delete the disallowance in respect to interest. As regards to the disallowance made by the AO and confirmed by the learned CIT (A) in respect to 0.5% of the average value of the investments, we find that none of the authorities below has found fault with the computation made by the assessee in respect to disallowance of 0.5% of average value of the investments. Hence, this being the position and the correctness being not challenged, no further disallowance can be made. - Decided in favour of assessee
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