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| The Tax Publishers2020 TaxPub(DT) 4624 (Mum-Trib) INCOME TAX ACT, 1961
Section 14A
Average value of investments for the purpose of rule 8D(2)(iii) was to be computed considering only those investments which had actually earned dividend/exempt income.
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Disallowance under section 14A - Expenditure against exempt income - Invocation of rule 8D(2)(iii) - AO considered non-exempt income bearing investments also
Assessee earned tax free dividend income on investments in shares. AO invoked rule 8D(2)(iii) and made disallowance under section 14A considering non-exempt income bearing investments also.Held: Average value of investments for the purpose of rule 8D(2)(iii) was to be computed considering only those investments which had actually earned dividend/exempt income.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2012-13
INCOME TAX ACT, 1961
Section 194H
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