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2019 (11) TMI 141 - AT - Income TaxDisallowance of expenses incurred in earning income which does not form part of total income under Chapter III u/s 14A - HELD THAT:- Disallowance u/s. 14A of the Act in the present assessment year should also be restricted to the income earned by the assessee, which does not form part of the total income under the Act, which is a sum of ₹ 4,11,628 being dividend income exempt u/s. 10(34) & (35) of the Act and long term capital gain of ₹ 2,06,84,487 earned on sale of Kotak shares which is exempt u/s. 10(38) of the Act. We hold and direct accordingly.
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