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2020 (6) TMI 609 - AT - Income TaxDisallowance u/s 14A r.w.r. 8D - HELD THAT:- As decided in own case [2020 (6) TMI 135 - ITAT BANGALORE] Disallowance under section 14A cannot exceed the exempt income earned. Only those investments to be considered for the purpose of disallowance under section 14A which yield tax free income during the year. Where no separate books of accounts are maintained for earning tax free income and taxable income and value of own funds exceed the value of investments, then no disallowance under section 14A is called for. We direct the AO to take into consideration above said binding decision while examining this issue. Accordingly, we restore this issue to the file of the AO for examining it afresh in the light of discussions made supra. Appeal of the assessee is treated as allowed for statistical purposes.
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