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2017 (9) TMI 974 - HC - Income TaxDisallowance under Section 14A - rule 8D applicability - allocation of interest expenditure towards earning of exempt income - Held that:- Once the Tribunal has approached the matter on the basis that the First Appellate Authority could have applied the provision, namely, Section 14A as also Rule 8D with effect from the Assessment Year 2008-09, but yet restricted the disallowance to ₹ 2,10,756/on facts, then, we do not think that any of the questions proposed are substantial questions of law. All the more, when the tax effect was meagre. We do not think that any larger issue or wider question has been dealt with by the Tribunal nor its observations raise otherwise a substantial question of law. In the circumstances, if the matter is approached from the above angle, this appeal need not be entertained. It is dismissed.
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