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2020 (8) TMI 259 - AT - Income TaxDisallowance u/s 14A - disallowance u/s 14A is restricted by CIT- A i.e. to the extent of dividend income claimed as exempt - HELD THAT:- No illegality or perversity in the findings returned by the ld. CIT (A) as it is settled principle of law that disallowance u/s 14A cannot exceed the exempt income earned by the assessee. Hon’ble Delhi High Court in the case of Joint Investments Pvt. Ltd. vs. CIT [2015 (3) TMI 155 - DELHI HIGH COURT] held that, “the disallowance more than exempt income earned by the assessee during the year under assessment cannot be made.” Consequently, the appeal filed by the Revenue is hereby dismissed.
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