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2019 (4) TMI 1781 - AT - Income TaxAddition u/s 14A - HELD THAT:- We find that assessee’s claim of relief from disallowance under section 14A for strategic investment is liable to be rejected on the touchstone of Hon'ble Apex Court decision in the case of Maxopp Investment Ltd. [2018 (3) TMI 805 - SUPREME COURT] . As regards other direction that disallowance under section 14A should not exceed the exempt income and that for the purpose of computation of disallowance only those investments should be considered which have yielded exempt income, we find that the same is duly sustainable on the touchstone of case of Cheminvest Ltd. [2015 (9) TMI 238 - DELHI HIGH COURT] and Delite Enterprise [2009 (2) TMI 498 - BOMBAY HIGH COURT] and Ballarpur Industries Ltd. and Special Bench ITAT decision in the case of Vireet Investment. The decision referred by learned Departmental Representative is not applicable on the facts of this case. Hence, qua these issues we uphold the order of learned CIT(A). In the result, appeals filed by the Revenue stand dismissed. Set off of carry forward of speculative loss - HELD THAT:- In the present case the amended provisions of sec 73(4) of the Act are applicable. Since the provisions of sec 3(4) of the Act mandates that speculative loss shall not be carry forward for more than four assessment years immediately succeeding the assessment year for which the loss was first computed, so the speculative loss computed in AY 2005-06 could be carried forward upto AY 2009-10 and not beyond the same. The present assessment year is AY 2010-11 and hence the speculative loss of AY 2005-06 cannot be carried forward to the present assessment year. In view of the above discussion the disallowance of claim of the appellant of carry forward of speculative loss is confirmed - Decided in favour of revenue
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