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2014 (2) TMI 1265 - PUNJAB AND HARYANA HIGH COURTDisallowance to the expenditure for earning dividend - Held that:- Deduction for interest was permissible when loan was taken for business purpose and not for diverting the same to sister concern without having nexus with the business. Observations made therein have to be read in that context. In the present case, admittedly, the assessee did not make any claim for exemption. In such a situation, section 14A could have no application. See CIT vs. Hero Cycles Limited (2009 (11) TMI 33 - PUNJAB AND HARYANA HIGH COURT) - Decided in favour of the assessee
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