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2017 (5) TMI 209 - ITAT MUMBAIDisallowance under section 14A r.w. Rule 8D - Held that:- No disallowance under section 14A of the Act can be made in the case on hand for the year under consideration since the assessee has not earned any exempt income. We, therefore, set aside the decision of the authorities below and direct the AO to delete the disallowance of expenditure under section 14A of the Act. See Cheminvest Limited Versus Commissioner of Income Tax-VI [2015 (9) TMI 238 - DELHI HIGH COURT] Whether investments have been made in the subsidiary company for the purposes of having strategic control therein and not for the purposes of earning of exempt income ? - Held that:- Entire strategic investments made by the assessee in the shares of its subsidiary company, M/s. Shreeniwas Cotton Mills Ltd. is to be excluded while computing the disallowance under section 14A r.w. Rule 8D. See Vakrangee Ltd. vs. ACIT [2016 (8) TMI 1148 - ITAT MUMBAI]
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