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1 - 2 of 2 (0.18 seconds)Acit, New Delhi vs M/S Acb India Ltd.,, New Delhi on 17 January, 2018
4.2 We observe that the Hon‟ble Delhi High Court (jurisdictional) in the
case of ACB Investment P Ltd. v. ACIT ( 2015) 374 ITR 108 (Delhi)
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(HC)dealt with the identical issue and held that for making disallowance u/s
u/s 14A of the Act read with Rule 8D(iii) of the Rules, the value of tax exempt
investments should be considered instead of total investments for adopting
average value of investments of income which is not part of the total income.
In simple words, while making disallowance under section 14A of the
Act read with Rule 8D(iii) of the Rules, only the average of investments
which have yielded exempt income are to be considered but not
otherwise, hence, respectfully following the decision of the Hon‟ble
jurisdictional High Court, we are inclined to allow the appeal of the
Assessee.
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