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2015 (8) TMI 113 - AT - Income TaxDisallowance u/s 14A of the Act r.w.r. 8D - recalculation of the profit for purpose of computing the MAT u/s 115JB of the Act - Held that:- We are inclined to hold that the issue disallowance u/s 14A of the Act r.w.r. 8D of the Rules in both the appeals is squarely covered in favour of the assessee by the decision of Hon’ble jurisdiction High Court of Delhi in the case of Holcim India Pvt. Ltd. (2014 (9) TMI 434 - DELHI HIGH COURT) and hence, we reached to a logical conclusion the disallowance calculated and made by the AO and upheld by the CIT(A) in both assessment years are not sustainable and we direct the AO to delete the same. Accordingly, Ground Nos. 1 & 2 of the assessee in both the appeals are allowed. We respectfully follow the decision of Minda Sai Limited, C/o. RN. Saraf & Co. Versus Income Tax Officer [2015 (1) TMI 555 - ITAT DELHI] wherein it has been held that in the absence of any exempt income, section 14A disallowance cannot be added to book profit u/s 115JB of the Act. Accordingly, we are inclined to hold that the direction of the CIT(A) in this regard are not sustainable in view of our conclusion in the earlier part of this order where we have hold that no disallowance u/s 14A of the Act r.w.r. 8D of the Rules is sustainable.- Decided in favour of assessee.
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