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2018 (6) TMI 1538 - AT - Income TaxAddition u/s 14A - expenditure incurred towards the investment that earns exempt income - Held that:- It cannot be inferred that the dividend income would be directly proportional to the expenditure incurred on the investment earning exempt income. No merit in the order of the CIT(A) for having restricted the disallowance U/s.14A of the Act to the extent of exempt income earned by the assessee. Since the assessee has not computed its actual expenditure incurred towards the investment that earns exempt income, in the interest of justice, we remit back the matter to the file of AO for both the assessment years thereby affording one more opportunity to the assessee to work out the actual expenditure incurred by it towards the investment that earn exempt income and disallow the same. We further hereby direct the Ld.AO to verify the computation submitted by the assessee for both the assessment years and thereafter decide the matter in accordance with law and merit. Addition on account of unsecured loans and unexplained sundry creditors - assessee could not discharge its onus with respect to the genuineness of the loan and the genuineness of the sundry creditors - Held that:- Though we do not appreciate the lethargic attitude of the assessee in not furnishing the requisite documents and records before the Ld.Revenue Authorities at the appropriate time, in the interest of justice, we hereby remit all these issues back to the file of Ld.AO for de-nova consideration with direction to the Ld.Revenue Authorities to admit any fresh evidence produced by the assessee. We further direct the assessee to promptly cooperate with the Ld.Revenue Authorities in their proceedings failing which the Ld.Revenue Authorities are at liberty to pass appropriate Orders based on the materials on record. Appeals of the Revenue allowed for statistical purposes.
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