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2018 (1) TMI 1386 - HC - Income TaxDisallowance u/s 14A - Held that:- The assessee for AY 2010-11 had filed its return and thereafter revised it. AO was of the opinion that the assessee had shown dividend income to the tune of ₹ 142.5 crores which was exempt from taxation. Upon his determination, a sum of ₹ 4,90,88,000/- was added under Section 14A as the expenditure involved exempt income although the CIT(A) and the ITAT found that as a matter of fact, the exempt income of ₹ 142.5 crores had not been obtained and that it was only a proposed dividend. Having regard to these findings, the question of application of Section 14A of the 1961 Act could not have arisen. There is no substantial question of law.
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