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2019 (3) TMI 1583 - AT - Income TaxAddition u/s 14A r.w.r. 8D - HELD THAT:- In the case of Cheminvest Ltd. vs. Commissioner of Income Tax [2015 (9) TMI 238 - DELHI HIGH COURT] has held that section 14A will not apply if no exempt income is received or receivable during the previous year. In the present case, the assessee has earned the exempt income during the previous year, against which the AO made disallowance u/s 14A read with rule 8D. In the first appeal the CIT(A)has restricted the disallowance to the amount of exempt income. We are of the considered view that the order passed by the CIT (A) is in accordance with the principles of law laid down by the Hon’ble High Court in the case of Joint Investment Pvt. Ltd. vs. CIT [2015 (3) TMI 155 - DELHI HIGH COURT] . Hence, we do not find any reason to interfere with the findings of the Ld. CIT (A). We accordingly uphold the findings of the CIT (A) and dismiss the sole ground of appeal of the revenue.
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