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2018 (1) TMI 1724 - ITAT AHMEDABADDisallowance u/s 14A r.w.r.8D - CIT(A) confirmed addition as assessee had not been able to demonstrate to have invested in the above tax free investments from its interest free funds only - HELD THAT:- AR states very fairly that the impugned disallowance ought not to have exceeded the entire exempt income amount as per judgment Joint Investments Pvt. Ltd. vs. CIT [2015 (3) TMI 155 - DELHI HIGH COURT Revenue on the other hand strongly supports both the lower authorities’ action invoking the impugned disallowance, but however fails to rebut the above legal proposition as per hon’ble Delhi high court’s recent decision. We therefore partly accept assessee’s grievance to restrict the impugned disallowance to the extent of exempt income figure - assessee submits that the instant concession of challenging the quantum of impugned disallowance instead of its correctness on merits be not taken as precedent in any preceding or succeeding assessment year. We accept the same to make it clear that our instant order shall not be treated as a precedent against the assessee. Assessee’s appeal is partly allowed.
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