No Disallowance U/s14A For Shares On Which No Dividend Recd.- Kol ITAT

[subash agarwal,Adv kolkata]

ITAT, Kolkata holds in a landmark judgement  that in computing disallowance u/s 14A r.w Rule 8D , only investment in those shares are to be considered which has yielded exempt income in the form of dividends. In other words, disallowance cannot be made in respect of shares on which dividend income has not been received.
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