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Appeal partly allowed.The disallowance of expenditure u/s 14A exceeds the dividend income claimed as exempt by the assessee. Therefore, disallowance on account of administrative expenses under Rule 8D(iii) is hereby restricted to the extent of exempt income so claimed by the assessee.

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Sec. 14A of Income Tax Act, 1961—Business Disallowance—MAHARAJA SHREE UMAID MILLS LTD. vs. Deputy CIT.[2020] 24 ITCD Online 017 (ITAT-JAIPUR)