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2012 (5) TMI 26 - PUNJAB AND HARYANA HIGH COURTITAT deleted the disallowance made under Section 14A - Held that:- The matter is no longer res integra - questions of law already been decided against the revenue by the Division Bench of this Court in the case of Commissioner of Income Tax-II v. M/s Hero Cycles Ltd.( 2009 - TMI - 35238 - PUNJAB AND HARYANA HIGH COURT ) stating disallowance under Section 14A requires finding of incurring of expenditure where it is found that for earning exempted income no expenditure has been incurred, disallowance under Section 14A cannot stand - against the revenue.
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