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2017 (5) TMI 1742 - AT - Income TaxDisallowance u/s.14A - CIT-A deleted addition - whether earning of exempt income is not the criteria for 14A disallowance, and once exempt income bearing investments are made by the assessee, disallowance u/s.14A becomes mandatory in such cases? - HELD THAT:- The issue is settled by the Hon’ble jurisdictional High Court in the case of Redington (India) Ltd. [2017 (1) TMI 318 - MADRAS HIGH COURT] that where there is no exempted income in the relevant year, there cannot be disallowance of expenditure u/s.14A in relation to exempted income. - Decided against revenue. Addition of foreign exchange fluctuation loss - AO disallowed the foreign exchange loss arising on account of forward contracts as speculation loss - HELD THAT:- In the present case, we find that the assessee has incurred loss relating to its business only and in view of the decision in the case of CIT v. Panchmahal Steel Ltd. [2013 (5) TMI 686 - GUJARAT HIGH COURT] this ground of appeal raised by the Revenue is dismissed.
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