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2017 (9) TMI 1834 - AT - Income TaxDisallowance u/s 14A - no expenditure incurred in relation to any notional or anticipated income - HELD THAT:- As no exempt income was earned by the assessee in the year under consideration and therefore the disallowance made by the AO u/s 14A and confirmed by the Ld. CIT (A) is not sustainable. We find merit in this contention of the learned counsel for the assessee and direct the AO to delete the disallowance made u/s 14A after verifying the claim of the assessee that no exempt income was earned by it in the year under consideration. The appeal of the assessee is accordingly allowed. Claim for deduction on account of bad debts written off - HELD THAT:- Issue squarely covered in favour of the assessee by the decision of Hon’ble Supreme Court in the case of TRF Ltd. [ 2010 (2) TMI 211 - Supreme Court] as rightly held by the Ld. CIT (A). Even the CBDT has accepted this position and issued a circular no 12/2016 on 30.05.2016 directing that if any appeal is already filed by the revenue on this issue before any Court or Tribunal, the same may be withdrawn. We accordingly treat the appeal filed by the revenue on this issue as withdrawn and dismiss the same.
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