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2018 (5) TMI 1946 - AT - Income TaxDisallowance u/s 14A - absence of exempt income - HELD THAT:- Now it is settled proposition of law that the provisions of Section 14A cannot be invoked in the absence of exempt income. Reliance in this regard can be placed on the decision of Special Bench of ITAT, Hyderabad in the case of ACIT Vs. Progressive Constructions Ltd. [2017 (3) TMI 1167 - ITAT HYDERABAD] . The decision of the learned CIT (Appeals) is in consonance with the ratio laid down in the Special Bench (supra). Therefore, we do not find any reason to interfere with the impugned order of the learned CIT (Appeals). Hence the grounds raised by the revenue are dismissed.
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