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2015 (11) TMI 1558 - AT - Income TaxDisallowance u/s 14A - Held that:- There is no justification for invoking of section 14A of the Act to disallow any expenditure on account of application of Rule 8D(2)(iii) of the Rules. There is no material on record to negate the factual assertions which have been made by the assessee consistently from the level of the Assessing Officer, which is to the effect that the investments made are in her personal capacity and are reflected in her personal account which are distinct from her business account. There is no finding by the lower authorities that any of the expenses found recorded in the business account was, in any manner, related to the earning of exempt income from such investments, which are obviously not part of the business account. As a consequence, set aside the order of the CIT(A) on this aspect and direct the Assessing Officer to delete the addition - Decided in favour of assessee. Addition of interest income - Held that:- We deem it fit and proper to restore the matter back to the file of Assessing Officer for a decision afresh after allowing the assessee a reasonable opportunity of being heard in support of the amount of ₹ 17,526/- found in the AIR information. - Decided in favour of assessee by way of remand.
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