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2015 (1) TMI 1118 - AT - Income TaxDisallowance on interest made u/s 36(1)(iii) in respect of interest free loans/advances given to its sister concerns - CIT(A) deleted part addition - Held that:- The revenue was not justified in agitating the reduction in the disallowance of interest in the year under consideration on the same facts, which was accepted by them in the immediately preceding year. - Decided in favour of assessee. Disallowance u/s 14A - Held that:- There is no finding by the lower authorities whether during the year under consideration, there was any exempt income or not,. In view of above, we deem it proper to set aside the order of the authorities below on this point and restore the matter back to the file of AO. We direct the AO to verify whether during the year under consideration, assessee received any exempt income and if no exempt income is earned then following the above decision of Hon'ble Jurisdictional High Court in CIT Vs. Holcim India Ltd.[2014 (9) TMI 434 - DELHI HIGH COURT], no disallowance u/s 14A would be made. - Decided in favour of assessee.
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