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2017 (9) TMI 830 - ITAT MUMBAIDisallowance u/s 14A - no exempt income earned or receivable by the assessee in the instant year - Held that:- The controversy before us is directly covered by the judgments of the Hon'ble Madras High Court in the case of Redington (India) Ltd.(2017 (1) TMI 318 - MADRAS HIGH COURT) as well as Chettinad Logistics (P) Ltd., (2017 (4) TMI 298 - MADRAS HIGH COURT). The provisions of Rule 8D of the Rules does not come to the rescue of the Revenue in order to make disallowance under section 14A in the absence of any exempt income earned by the assessee in the relevant year. In our considered opinion, the aforesaid judgment of the Hon'ble Madras High Court clearly militates against the Grounds sought to be raised by the Revenue before us. Apart therefrom, the Hon'ble Delhi High Court in the case of Cheminvest Ltd. Vs. CIT (2015 (9) TMI 238 - DELHI HIGH COURT) also supports the proposition laid down in the two judgments of the Hon'ble Madras High Court. - Decided in favour of assessee.
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