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2019 (8) TMI 1545 - AT - Income TaxDisallowance u/s 14A r.w.r. 8D - Whether no exempt income was earned by the assessee during year under consideration - first appellate authority observed that no exempt income was earned by the assessee during year under consideration and therefore, no disallowance u/s 14A would be justified - HELD THAT:- Before us, it is controverted fact that the assessee has not earned any exempt income during the year under consideration. Nothing contrary has been brought on record by the revenue. The stand of learned first appellate authority was in line with the decisions of binding judicial precedents as cited in the impugned order. Therefore, the conclusion drawn in the impugned order could not be faulted with. - Decided against revenue.
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