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2013 (6) TMI 496 - AT - Income TaxDisallowance u/s.14A r.w.Rule 8D - appellant submits that it has not incurred any expenditure to earn dividend income - Held that:- According to the provisions of section 14A(2) the AO has to first satisfy himself regarding the correctness of the claim of the assessee having regard to the accounts of the assessee and such satisfaction of the AO is required to be objectively arrived at on the basis of those accounts and after considering all relevant facts and circumstances as supported by decision of Godrej & Boyce Mfg. Co. Ltd. vs. DCIT(2010 (8) TMI 77 - BOMBAY HIGH COURT). The submissions made by assessee have not been considered by the AO and it has not been specifically recorded by him that the claim of the assessee that no expenditure has been incurred to earn dividend income is incorrect. Thus this issue be remitted to the file of AO with a direction to re- adjudicate the issue. In favour of assessee for statistical purposes.
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