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2019 (11) TMI 1194 - HC - Income TaxDisallowance u/s. 14A r/w. Rule 8D(2)(ii) - Tribunal found that only an amount of ₹ 23 lakhs of interest paid is attributable to earning exempt income - HELD THAT:- The Revenue is not able to point out, why the impugned order of the Tribunal should be interfered with by this Court. More particularly in view of the fact that this Court’s in M/s. Nirved Traders Pvt. Ltd. v/s. Deputy Commissioner of Income Tax [2019 (4) TMI 1738 - BOMBAY HIGH COURT] has held that disallowance under Section 14A of the Act cannot be more than exempt income. Tribunal restricting the disallowance u/s 14A r/w. Rule 8D(2)(iii) by reducing the value of strategic investment and investment not yielding dividend income - HELD THAT:- Appeal is admitted on the substantial question of law as (B) above. Prima-facie, this issue seems to be concluded against the Respondent – assessee and in favour of the Revenue by the decision of the Apex Court in Maxopp Investment Ltd. v/s. Commissioner of Income tax, New Delhi [2018 (3) TMI 805 - SUPREME COURT]. Therefore, we fix the final hearing of this Appeal on 3 February 2020 at the bottom of the Admission Board. Registry is directed to communicate copy of this order to the Tribunal.
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