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2015 (9) TMI 1699 - AT - Income TaxDisallowance u/s 14A - As per assessee no exempt income was earned - HELD THAT:- A.O. as well as Ld. CIT(A) has not pointed out any income earned by assessee which was exempt income.There was no exempt income pointed out by the Revenue Authorities and A.O. had made addition holding that assessee had source of exempt income. Section 14A of the Income Tax Act cannot be invoked when no exempt income was earned. The case of assessee is fully covered in its favour by the order of M/s Mayank Auto Engineers P Ltd. vs. DCIT [2015 (3) TMI 1172 - ITAT DELHI] as well as the decision of CIT Vs Holcim India Pvt. Ltd. [2014 (9) TMI 434 - DELHI HIGH COURT] As assessee had not earned any exempt income during the year disallowance u/s 14A was not warranted. - Decided in favour of assessee.
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