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2021 (1) TMI 1037 - AT - Income TaxDisallowance u/s 14A r.w.r. 8D - HELD THAT:- As the entire investments have been made out of own funds and no borrowed funds have been used. However, we are of the considered view that for earning exempt income, some expenditure needs to be disallowed. Considering the facts of the case in totality, we are of the opinion that a disallowance of ₹ 2 lakhs should meet the ends of justice. We, accordingly, direct the Assessing Officer to restore the disallowance u/s 14A to ₹ 2 lakhs. Ground taken in Memorandum of appeal is partly allowed.
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