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2016 (9) TMI 207 - ITAT DELHIDisallowance u/s 14A - Held that:- As assessee was having own funds which were more than the investment made and therefore, no disallowance under section 14A is sustainable in the eyes of law. - Decided in favour of assessee. Adhoc disallowance made by the AO in respect of 1/6th of expenses - Held that:- CIT(A) while recording his finding has pointed out that AO had made the disallowance without pointing out any specific defects in the books of accounts. Despite that he only allowed the claim of depreciation on vehicle and rest of the disallowance affirmed, which is not sustainable in the eyes of law and against the well settled law.- Decided in favour of assessee.
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