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2018 (1) TMI 1497 - AT - Income TaxAddition u/s 14A r.w.r. 8D - expenses relatable to exempt income - HELD THAT:- We are of the view that the AO has not recorded any satisfaction while disbelieving the claim of the assessee regarding expenses relatable to exempt income. Once this is not been done, no disallowance can be made, in view of the proposition of law settled by Hon’ble Bombay High Court in the case of Godrej & Boyce Mfg. Co. Ltd. [2010 (8) TMI 77 - BOMBAY HIGH COURT] . In view of the above, we reverse the orders of the lower authorities and allow the claim of the assessee.
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