Disallowance of Expenses u/s 14A and Rule 8D for Exempt Income Due to Lack of Adequate Explanation.

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....Disallowance u/s 14A r.w.r 8D - AO observed that exempt income cannot be earned without making any expenses - the assessee has only tried to explain that no expense was incurred qua interest from tax free bonds and dividend income. However, nowhere explained as to how the long-term capital gains was earned. - AT....