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2019 (5) TMI 102 - AT - Income TaxDisallowance u/s 14A applying rule 8D - HELD THAT:- As in the case of M/s. Turquoise Investment & Finance Pvt. Ltd [2013 (6) TMI 870 - ITAT INDORE] on examination of facts we find that in the instant appeal the net interest expenses (interest paid less interest income) has already been disallowed by the assessee suomoto while computing the total income. No disallowance u/s 14A was called for, for the interest expenditure and the CIT(A) has rightly deleted the disallowance u/s 14A computed for the interest expenditure. As regards the administrative expenses, only an has been claimed as expenses during the year as the remaining amount of expenditure debited to Profit & Loss Account has already been added back to the income by the assessee while computing the total income. Therefore against the expenses claimed by the assessee sustaining the disallowance towards the expenses claimed by the assessee which may have been incurred directly or indirectly for maintaining the investments fetching tax free income. We accordingly partly allow the revenue’s appeal and sustain the disallowance u/s 14A - Appeal of the revenue is partly allowed.
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