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2016 (2) TMI 919 - ITAT MUMBAI

2016 (2) TMI 919 - ITAT MUMBAI - TMI - Disallowance u/s 14A - Held that:- We find force in the submissions of the assessee that only those investments which would yield dividend and which is exempt should be considered for disallowance under Rule 8D(2)(iii). We also hold that the disallowance under section 14A should not exceed the dividend income earned by the assessee. We direct the AO to recompute the disallowance taking only those investments which yield dividend income and apply Rule 8D(2)( .....

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2. None appeared on behalf of the assessee inspite of notice by RPAD. Therefore we heard the Ld. Departmental Representative and dispose of this matter ex parte on merit. 3. The Ld. Departmental Representative submits that the AO while completing the assessment noticed that the assessee received dividend income and therefore disallowed ₹ 39,63,654/- as expenditure attributable for earning such income by invoking the provisions of Sec. 14A of the Act. 4. On appeal, the Ld. CIT(A) sustained .....

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