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2021 (5) TMI 380 - ITAT MUMBAIAddition u/s 14A r.w.r. 8D - HELD THAT:- The assessee's plea of investment being strategic in nature is no more sustainable in view of honourable Supreme Court decision in the case of Maxopp Investment Ltd [2018 (3) TMI 805 - SUPREME COURT]. Hence, this ground is dismissed. The assessee's plea that when interest free funds are available, which are more than the impugned investment then no disallowance under section 8D(ii) of the Act is permissible is sustainable on the touchstone of honourable jurisdictional High Court decision in the case of HDFC Bank Ltd.[2014 (8) TMI 119 - BOMBAY HIGH COURT] and Reliance Capital Asset Management Ltd. [2017 (10) TMI 177 - BOMBAY HIGH COURT]. Hence this ground is allowed. Disallowance under section 8D(iii) only those investments are to be considered which have earned exempt income on the touchstone of ITAT special men decision in the case of Vireet Investment P. Ltd. [2017 (6) TMI 1124 - ITAT DELHI] Disallowance under section 115JB by importing the provisions of section 14A the same is not sustainable on the touchstone of ITAT Special Bench decision in the case of Vireet Investment (P.) Ltd. [2017 (6) TMI 1124 - ITAT DELHI]
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