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2016 (7) TMI 1548 - AT - Income TaxDisallowance u/s 14A - HELD THAT:- Departmental Representative has not contested the factual matrix brought out by the Ld. Representative for the assessee. Apart therefrom, in our view, the decision of the CIT(A) that in the absence of any dividend or any other exempt income received in the instant year, no disallowance under section 14A of the Act is merited, is very much apt, as it is in line with the judgment of the Hon’ble Delhi High Court in the case of Cheminvest Ltd. Vs. CIT, [2015 (9) TMI 238 - DELHI HIGH COURT] . Thus, we have no hesitation in approving the stand of the CIT(A) on this aspect. In any case, so far as the decision of the CIT(A) in retaining the suo-motu disallowance made by the assessee is concerned, the same is not an issue before us. Thus, we hereby affirm the order of the CIT(A) on the aspect agitated by the Revenue. As a consequence, Revenue fails in Ground of appeal No.1. Computation of ‘book profit’ in terms of section 115JB - The Tribunal in assessee’s own case [2015 (7) TMI 1217 - ITAT MUMBAI] has considered a similar issue and upheld the stand of the assessee following an earlier decision of the Tribunal in the case of Essar Teleholdings Ltd. vs. DCIT [2013 (5) TMI 116 - ITAT MUMBAI] . Secondly, the CIT(A) noticed that in this year, assessee has not earned any exempt income and, therefore, no such income was credited to the P&L Account. As a consequence, no corresponding expenditure can be identified and, thus, the provisions were unworkable. In this manner, the addition made by the Assessing Officer has been deleted. - Decided against revenue
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