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2015 (12) TMI 905 - CALCUTTA HIGH COURT
Disallowance u.s 14A - CIT(A) deleted the disallowance as confirmed by ITAT - Held that:- While rejecting the claim of the assessee with regard to expenditure or no expenditure, as the case may be, in relation to exempted income, the AO has to indicate cogent reasons for the same. From the facts of the present case, it is noticed that the AO has not considered the claim of the assessee and straight away embarked upon computing disallowance under Rule 8D of the Rules on presuming the average value of investment at ½% of the total value. In view of the above and respectfully following the coordinate bench decision in the case of J.K. Investors (Bombay) Ltd., [2013 (5) TMI 580 - ITAT MUMBAI] we uphold the order of CIT (A) and ITAT - Decided against revenue