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2021 (2) TMI 584 - AT - Income TaxDisallowance u/s 14A - AO has worked the disallowance under section 14A which included interest expenses required to be allocated under section 14A read with Rule 8D - HELD THAT:- Issue in dispute is squarely covered by the decision of Hon’ble jurisdictional high Court in the case of CIT Vs. Corrtech Energy Ltd. [2014 (3) TMI 856 - GUJARAT HIGH COURT] wherein it was held that maximum disallowance under section 14A could be made equivalent to exempt income earned by the assessee in the absence of any expenses being incurred to earn such income. Therefore, in the present case, disallowance cannot exceed the dividend income earned by the assessee. Considering this proposition, the ld.CIT(A) has already restricted the disallowance to ₹ 4,87,675/-, hence, no interference is called for on this issue. This ground of revenue dismissed.
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