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2020 (10) TMI 552 - AT - Income TaxDisallowance u/s 14A r.w. Rule 8D(2)(iii) on average investments - assessee has argued that the investment which yielded the exempt income is liable to be considered to assess the expenditure towards the exempt income u/s 14A read with Rule 8D - HELD THAT:- In view of the observation made by the Special Bench Delhi in the case of Vireet Investment [2017 (6) TMI 1124 - ITAT DELHI] we set aside the finding of the CIT(Appeals) on the issue and direct the AO to assess the expenses to earn the exempt income by excluding the investment which did not yield the exempt income. Accordingly, we decide this issue in favour of the assessee. Order being pronounced after ninety (90) days of hearing - COVID-19 pandemic and lockdown - HELD THAT:- Taking note of the extraordinary situation in the light of the COVID-19 pandemic and lockdown, the period of lockdown days need to be excluded. See case of DCIT vs. JSW Limited [2020 (5) TMI 359 - ITAT MUMBAI]
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