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2017 (10) TMI 1447 - AT - Income TaxDisallowance u/s 14A - no exempt income - HELD THAT:- In the absence of any exempt income, it was held that no disallowance u/s 14A could be made. The I.T.A.T. had relied upon the decision of the Hon'ble Jurisdictional High Court in the case of CIT Vs. Lakhani Marketing Inc [2014 (7) TMI 44 - PUNJAB AND HARYANA HIGH COURT] and in the case of CIT Vs. Holcim India Pvt. Ltd [2014 (9) TMI 434 - DELHI HIGH COURT] . DR has not brought to our notice any contradictory decision of the Hon'ble jurisdictional High Court. Moreover, the CBDT Circulars issued are binding on the authorities under the respective statutes and are not binding on courts as held by the Hon’ble Apex court in the case of Commissioner of Central Excise vs Ratan Melting and Wire Industries [2008 (10) TMI 5 - SUPREME COURT OF INDIA] . Therefore, we find no merit in the content ion of the Ld. DR that the disallowance is to be made u/s 14A of the Act in view of the CBDT Circular No.5/2014. - Decided against revenue.
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