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2020 (12) TMI 436 - AT - Income TaxDisallowance u/s 14A - Addition of interest - HELD THAT:- We respectfully follow the decision of the Coordinate Bench of this Tribunal rendered for A.Ys. 2012-13 and 2013-14 by following the ratio of the decisions of the in the case of Reliance Utilities & Power Limited [2009 (1) TMI 4 - BOMBAY HIGH COURT] and HDFC Bank Limited [2014 (8) TMI 119 - BOMBAY HIGH COURT] and uphold the impugned order of the ld. CIT(Appeals) deleting the disallowance made by the Assessing Officer on account of interest under section 14A read with Rule 8D(2)(ii). Addition on account of common administrative expenses under section 14A read with Rule 8D(2)(iii) - Hon'ble Delhi High Court in the case of Joint Investment Pvt. Limited [2015 (3) TMI 155 - DELHI HIGH COURT] wherein it was held that the disallowance under section 14A cannot exceed the actual amount of exempt income earned by the assessee during the relevant year. Respectfully following these judicial pronouncements cited on behalf of the assessee as well as relied upon by the ld. CIT(Appeals) in his impugned order, we find no infirmity in the impugned order of the ld. CIT(Appeals) restricting the disallowance made on account of the common administrative expenses under section 14A read with Rule 8D(2)(iii) being the exempt dividend income actually earned by the assessee during the year under consideration and upholding the same, we dismiss this appeal of the Revenue.
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