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2016 (2) TMI 1213 - AT - Income TaxDisallowance u/s 14A r.w. Rule 8D - sufficiency of own funds - Held that:- We find it is not in dispute that assessee has not earned any dividend income or any kind of exempt income from the investments made. The Hon’ble Delhi High Court in the case of Cheminvest Ltd [2015 (9) TMI 238 - DELHI HIGH COURT] after discussing the entire law on this point including the decision of Hon’ble Supreme Court in the case of CIT vs Rajendra Prasad Moody [1978 (10) TMI 133 - SUPREME COURT]. Thus we hold that, no disallowance u/s 14A is called for, once there is no exempt income received or receivable by the assessee during the relevant previous year. Accordingly, the ground raised by the assessee is treated as allowed.
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