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2017 (8) TMI 1181 - AT - Income TaxDisallowance u/s 14A - rule 8D applicability - interest expenditure - Held that:- Assessing Officer and the CIT(A) has not given a particular finding about the investments. The CIT(A) has only made observation that the conclusion made by the AO while passing the assessment order for AY 09-10, where the disallowance u/s 14A was limited to that made under rule 8D(2)(iii) only and there was no new finding recorded by the AO while passing the present Assessment order. The CIT(A) has not at all taken the cognizance about the particulars of investment and its expenses while observing that “Rule 8D(2)(ii) can be invoked only when the assessee has incurred expenditure by way of interest which is not directly attributable to any particular income or receipt, which is not the case here. Hence, no disallowance is warranted under Rule 8D(2)(ii).” Thus, Ground No. 1 & 2 needs to be look into and remitted back to the Assessing Officer for fresh adjudication.
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