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2016 (9) TMI 552 - DELHI HIGH COURT

2016 (9) TMI 552 - DELHI HIGH COURT - TMI - Addition u/s 14A - Held that:- Rule 8D (iii) clearly postulates that in the calculation of the disallowance amount, “an amount equal to one - half percent of the value of the investment, income from which does not or shall not form part of the total income.” should be taken into consideration. Thus, it is not all investment but only that which is expressly spelt out in Rule 8D (iii) which is to be reckoned for the purpose of calculation of average of h .....

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stantial question of law as to the method adopted by the AO under Section 14A of the Act read with Rule 8 (D) is involved. The assessee had during the relevant year i.e. AY 2010 - 2011 declared certain amounts as tax exempt. Seeking to disallow amounts under Section 14A read with Rule 8D, the AO brought to tax an amount of ₹ 77.97 lakhs. The assessee s appeal succeeded partially, in that the appellate commissioner restricted the disallowance to ₹ 65.81 lakhs. The ITAT in its impugned .....

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