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2017 (8) TMI 113 - AT - Income TaxDisallowance u/s 14A(2) read with Rule-8D - Held that:- We are of the view that at best, if any disallowance could be made that cannot exceed the exempt income. The Tribunal in the case of Nimbus Communication Ltd. (2016 (5) TMI 166 - ITAT MUMBAI) has made an elaborate discussion and thereafter reached to a particular conclusion, thus, the ratio laid down in the cases mentioned by the ld. Counsel for the assessee, clearly supports the case of the assessee. So far as, the case of Baba Global Ltd. vs DCIT (2016 (7) TMI 247 - ITAT DELHI) relied upon by ld. DR is concerned, even in that case in para-26, there is categorical finding that the disallowance cannot exceed the exempt income. The ratio laid down in Joint Investment Pvt. Ltd. vs CIT (2015 (3) TMI 155 - DELHI HIGH COURT) clearly supports the case of the assessee, thus the case relied upon by ld. DR is of not much help to the Revenue. Thus, the appeal of the assessee is allowed.
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