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2017 (3) TMI 532 - ITAT MUMBAIAddition u/s 14A - Held that:- It is noted that Ld. CIT(A) recorded categorical finding in his order that no exempt income has been received by the assessee in A.Y. 2010-11 & 2011-12. It has been mentioned by Ld. CIT(A) that dividend income of ₹ 37,83,000/- was received during A.Y. 2008-09, accordingly disallowance made under sect ion 14A was restricted to the extent attributable to said amount. However, in the remaining two years since no income was received, disallowance was deleted fully. It is noted that Ld. CIT(A) has followed various judgments wherein it was held that in case no exempt has been received by the assessee during year) then no disallowance u/s 14A read with Rule 8D (2) (iii) shall be required to be made. It is further noted that Ld. counsel has also cited various judgment s as reproduced in earlier part of order . No contrary judgments have been cited by the Ld. D.R. on this issue. Thus, taking facts and circumstances of the case and well settled legal position into account as has been submitted by the Ld. Counsel of the assessee, we find that no interference is called for in the order of the Ld. CIT(A). Thus, his orders are upheld for all the 3 years. - Decided against revenue
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