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2019 (4) TMI 1731 - AT - Income TaxDisallowance u/s 14A r.w Rule 8D(2)(ii) & 8D(2)(iii) - suo moto disallowance by assessee - no exempt income - HELD THAT:- Once there is no exempt income, the issue is squarely covered by the decision of Hon’ble Bombay High Court in the case of Ballarpur Industries Limited [2016 (10) TMI 1039 - BOMBAY HIGH COURT]. Respectfully following the Hon’ble Jurisdictional High Court, we delete the disallowance and affirm the order of CIT(A) in respect to deletion made by him of the expenses relatable to exempt income under Rule 8D(2)(ii) and 8D(2)(iii). We also delete the disallowance suo moto offered by assessee because there is no exempt income and once there is no exempt income no disallowance can be made relatable to exempt income by invoking the provisions of section 14A read with Rule 8D of the Rules. - Decided in favour of assessee.
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