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2017 (1) TMI 1217 - AT - Income TaxDisallowance u/s.14A r.w.rule 8D - Held that:- There is merit in the submissions of the assessee, as the propositions canvassed by the ld. AR for the assessee are supported by the order of the ITAT Mumbai Bench in the case of M/s. Daga Chemicals Pvt. Ltd., (2015 (1) TMI 1204 - ITAT MUMBAI ) and the facts relied on by him. Ld. AR has submitted that disallowance u/s.14A r.w.rule 8D cannot exceed the exempt income. Considering the factual position and the case law relied on by the ld. AR of the assessee, we are of the view that the addition made by the AO and confirmed by the ld CIT(A) should be deleted. Accordingly, we delete the addition. - Decided in favour of assessee
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