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2022 (8) TMI 856 - AT - Income TaxAddition u/s 14A r.w.r. 8D - Contention of assessee before us is, the disallowance under Rule 8D(2)(iii) should be computed by considering only those investments which have yielded exempt income during the year - HELD THAT:- Matter is restored to the file of the Assessing Officer with a direction for factual verification of assessee's claim with reference to working of investments which have either yielded taxable income or not yielded any income and compute the disallowance with reference to only those investments which have yielded exempt income during the year. Determination of taxable income at a higher figure - As submitted that the AO while giving appeal effect to the order of the ITAT has wrongly assumed the assessed income at a higher figure without any basis, the correction of which has not been carried out resulting in the determination of higher taxable income without any legal basis - HELD THAT:- As per submissions made on behalf of the assessee, we consider it expedient to restore this issue also back to the file of the AO. The assessee shall be at liberty to provide suitable explanation and adduce such evidence as may be necessary to establish its case before the AO. AO shall dispose of the grievance of the assessee in the light of the facts in accordance with law.
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