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2014 (5) TMI 922 - AT - Income TaxDisallowance of interest u/s 14A r.w. Rule 8D of the Act – Held that:- Following Maxopp Investment Ltd. & Others Versus Commissioner of Income Tax [2011 (11) TMI 267 - Delhi High Court] - no disallowance can be made u/s 14A of the Act, if no expenditure is incurred in relation to the exempt income - the assessee has not used loan funds for making investments - there is no interest expenditure that can be said to have been incurred by the assessee for the purpose of making investments, administrative and other expenditure if any incurred has to be quantified and disallowed in accordance with law - the assessee has not given any convincing explanation as to why in its case for earning exempt income, there is no administrative or other expenses and as it has also not come out with any alternate calculations, there was no reason to interfere with the calculation of the Revenue authorities – thus, the order of the FAA is upheld – Decided against Assessee. Deduction u/s 43B(F) of the Act – Held that:- CIT(A) has referred to the Hon’ble Supreme Court decision in the SLP and upheld the order of the Assessing Officer - AO has already disallowed the amount and the CIT(A) has confirmed the same – thus, there is no purpose for setting aside the matter to the file of the AO –Decided against Assessee.
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