Section 14A & Rule 8D: Mutual Fund Expenses Shouldn't Face Double Disallowance; Market Practices Affirm Assessee's Explanation.

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....Disallowance u/s 14A r.w.r. 8D - in the case of mutual funds, administrative and managerial expenses are factored in the investments itself - the explanation offered by the assessee for non applicability of rule 8D(2)(iii) for rigid disallowance appears to be in congruity with market practice - not a fit case for resorting to double disallowance of similar expenditure....