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2020 (12) TMI 613 - HC - Income TaxDisallowance u/s 14A read with Rule 8D - Tribunal directing the Assessing Officer to delete the disallowance as to exempted income was earned by the assessee - HELD THAT:- Substantial question of law raised for consideration was answered against the Revenue by the Hon'ble Division Bench of this Court in the case of Marg Ltd. [2020 (10) TMI 102 - MADRAS HIGH COURT] wherein it was held that the disallowance under Rule 8D of the Income Tax Rules, 1962 read with Section 14A of the Act could never exceed exempted income earned by the assessee during the particular assessment year and that the same could be computed as per Rule 8D of the said Rules only after recording satisfaction by the Assessing Authority. - Decided against revenue.
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