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2016 (8) TMI 1416 - AT - Income TaxDisallowance u/s. 14A r.w. Rule 8D - Held that:- AO has not recorded any dissatisfaction with reference to the maintenance of accounts and the expenses disallowed by the assessee for earning exempt income. AO has not recorded any reasons for not accepting the expenditure disallowed by the assessee for earning exempt income. The funds available with the assessee are much more than the investments made during this Assessment Year. Therefore, in view of the submissions made before the Ld. CIT(A) that the funds available with the assessee are much more than the investments made by the assessee, we restore this issue to the file of the AO with a direction to verify as to whether the funds available with the assessee are more than the investments and in case the available funds are more than the investments, no disallowance is required to be made u/s. 14A r.w. Rule 8D(2)(ii) - Appeal filed by the assessee is allowed for statistical purpose.
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