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2024 (1) TMI 72 - HC - Income TaxAddition u/s 14A r.w.r. 8D - expenditure incurred on earning exempt income - sufficiency of own funds - HELD THAT:- The ratio of the judgment of this court in Joint Investments (P.) Ltd. [2015 (3) TMI 155 - DELHI HIGH COURT] is simply that the disallowance under Section 14A cannot exceed the exempt income. Net off the interest income (income from other sources) which had no nexus with interest expenditure incurred for earning exempt income - Tribunal has, in our view, rightly deleted the addition by holding that the actual interest expenditure had to be adjusted against the income earned by way of interest. In our view, this is the correct approach. Thus, no question of law arises.
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