Disallowance u/s 14A was computed @ 0.5% of exempt income earned based on Rule 8D(2)(iii)

IDFC Limited Vs DCIT (ITAT Chennai)

Conclusion: AO was directed to limit the disallowance under Section 14A to 0.5% of exempt income earned by the assessee based on Rule 8D(2)(iii) as held by the Ld. Special Bench of ITAT, New Delhi in the case of ACIT vs. Vireet Investment Pvt. Ltd. in ITA No.502/Del/2012 dated 16.

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