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2023 (7) TMI 557 - AT - Income TaxDisallowance u/s 14A - As per assessee no exempted income earned by the assessee during the relevant assessment year - HELD THAT:- Respectfully following the ratio of law as laid down in the case South Indian Bank Ld. [2021 (9) TMI 566 - SUPREME COURT] we are of the view that if there is no exempt income, no disallowance can be made u/s. 14A r.w.r.8D, however, as fairly admitted by the ld. AR that there was a disclosure of exempt income therefore, the disallowance should be restricted to the said amount. Consequently, the order of the CIT(A) and ld. AO are set aside on this issue and it is directed to restrict the disallowance made u/s. 14A r.w.r.8D to the amount of actual exempt income earned by the assessee during the year. Appeal of the assessee is partly allowed.
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