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2017 (1) TMI 671 - ITAT AHMEDABADDisallowance made under section 14A r.w.s. 8D.- Held that:- The assessee has not claimed any exempt income in this year, therefore, no disallowance can be made - Decided in favour of assessee Disallowance of loss suffered in contract - Held that:- The approach of the Revenue authorities is such that every business venture would only give profit. With this angle, if a transaction is being appreciated, then the circumstances and questions would only give rise to suspicion. On the other hand, stand of the assessee as a businessman is that in such type of projects where everything was depending on getting approval from the Government nothing concrete could be anticipated. To our mind, it is only difference of opinion in appreciating a transaction. After looking into the explanation of the assessee with all other attending circumstances, we are of the view that the assessee had entered into an agreement which was a business venture and suffered loss. It has made payment of contractual liability. Money has been paid through account payee cheque and it did not return to the assessee as pointed out by the ld.counsel for the assessee. In such situation, the AO was not justified to disallow claim of the assessee. - Decided in favour of assessee
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