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2019 (6) TMI 544 - ITAT KOLKATADisallowance u/s 14A - HELD THAT:- The limited contention raised by the learned counsel for the assessee is that the actual dividend income earned by the assessee during the year under consideration was only ₹ 9,687/- and, therefore, the disallowance u/s 14A should be restricted ₹ 9,687/-. However, as pointed out by the learned DR from the order of the Assessing Officer, the amount of exempt income was mentioned by the AO as ₹ 1,49,519/-. Direct the AO to verify the actual amount of exempt income earned by the assessee during the year under consideration and restrict the disallowance u/s 14A to that extent. Ground No. 1 of the assessee’s appeal is accordingly treated as allowed for statistical purpose. Unexplained cash credit - loan received by the assessee as unexplained - HELD THAT:- In the case of Orissa Corporation Pvt. Ltd. [1986 (3) TMI 3 - SUPREME COURT] as held that merely because summons issued to some of the creditors could not be served or they fail to appear before the AO cannot be the basis to treat the loans taken by the assessee from those creditors as non-genuine. It was also held that if the AO was not satisfied about the cash amount deposited by those creditors in their bank account, the proper course should have been to make assessments in the case of those creditors by treating the cash deposits in their bank account as unexplained investment of those creditors u/s 69. Decision in the case of Orissa Corporation Pvt. Ltd. [1986 (3) TMI 3 - SUPREME COURT] is squarely applicable in the facts of the present case and respectfully following the same, delete the addition treating the loan in question received by the assessee as unexplained cash credit u/s 68 - Decided in favour of assessee.
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