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2018 (2) TMI 428 - AT - Income TaxDisallowance u/s. 14A r.w. Rule 8D(2)(iii) - Held that:- The disallowance should not be more than dividend income. Further in this case the assessee itself has disallowed expenses of ₹.6,15,628/- which is more than the dividend income of ₹.5,20,000/- earned during this assessment year. Therefore, there should not be any further disallowance u/s. 14A r.w. Rule 8D of the I.T. Rules. Thus we direct the Assessing Officer to delete the disallowance made u/s. 14A r.w.Rule 8D(2)(iii) of I.T Rules. - Decided in favour of assessee.
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