Subsidized power rates from investment are taxable business income, not tax-exempt dividends; Section 14A disallowance inapplicable.

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....Disallowance u/s 14A - The benefit derived by the assessee by virtue of the investment is not dividend income but is subsidized rate of power. This subsidy is not exempt from tax. Further, if the benefit has resulted in enhanced business income/profits and has been taxed, then, no disallowance u/s 14A r.w.r. 8D can be made - AT....