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2016 (7) TMI 1256 - ITAT KOLKATADisallowance made u/s 14A - proceedings initiated u/s 154 - CIT(A) deleted disallowance - Held that:- We hold that the assessee has got sufficient own funds to make the investments and when that point is not in dispute, no disallowance could be made u/s 14A of the Act read with Rule 8D(2)(ii) of the Rules. - Decided against revenue Whether the disallowance u/s 14A read with Rule 8D could be made in the proceedings u/s 154 - Held that:- We find that the revenue had come on appeal before us on this ground on the pretext that the ld CIT-A had held that the issue of disallowance u/s 14A read with Rule 8D is a debatable issue and hence cannot be made in the proceedings u/s 154 of the Act. But we find from the ld CITA’s order that this aspect has been dismissed and in fact had been held in favour of the revenue. Hence the revenue cannot have any grievance on the same. We also find that the assessee had not preferred any appeal before us against this finding of the ld CITA. Accordingly the ground no.2 raised by the revenue is dismissed as infructuous.
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