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Dy. CIT, Circle-2 (2) (2) , Mumbai Versus M/s. Morgan Stanley (India) Capital Pvt. Ltd. And Vice-Versa

Addition u/s 14A - Held that - No disallowance out of interest expenditure is called for when own funds available with the assessee exceeds value of investment. The learned CIT(A) has further observed that the disallowance as per Rule 8D(2)(ii) works out to ₹ 1,86,773/-, while the assessee itself has disallowed a sum of ₹ 5,90,507/-. It is also pertinent to note that the actual amount of exempt income earned by the assessee was lower than the amount disallowed by the assessee u/s 14A....... + More

 

 

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Dy. CIT, Circle-2 (2) (2) , Mumbai Versus M/s. Morgan Stanley (India) Capital Pvt. Ltd. And Vice-Versa

 

 

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