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2021 (5) TMI 323 - AT - Income TaxDisallowance u/s 14A - dividend amount received - HELD THAT:- It is a settled position that disallowance of expenditure u/s. 14A read with Rule 8D shall not exceed exempt income earned for the year as per case law Cheminvest Ltd. [2015 (9) TMI 238 - DELHI HIGH COURT], Chettinad Logistics Private Limited [2017 (4) TMI 298 - MADRAS HIGH COURT] and CIT vs. Corrteck Engineering Pvt. Ltd. [2014 (3) TMI 856 - GUJARAT HIGH COURT]. Therefore, we direct the AO to restrict the disallowance u/s 14A rwr 8D to ₹ 4,99,674/- in AY 2013-14 and ₹ 4,28,292 in AY 2014-15.
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