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2016 (11) TMI 1696 - HC - Income TaxDisallowance u/s 14A r.w.r. 8D - sufficiency of own funds - suo moto disallowance - ITAT deleted the addition - satisfactory explanation - HELD THAT:- Considering the fact that while making the addition made by the Assessing Officer under Section 14A of the Income Tax Act read with Rule 8D of the Income Tax Rules, 1962, the Assessing Officer did not record as to how the expenditure as claimed by the assessee was not satisfactory, and considering the fact that the assessee had sufficient interest free fund, out of which the concerned investment had been made, it cannot be said that the learned Tribunal has committed any error in deleting the addition made by the Assessing Officer made under Section 14A r.w.r. 8D of the Income Tax Rules, 1962. Under the circumstances and considering the direct decision of the Division Bench of this Court in the case of India Gelatine and Chemicals Limited .[2015 (11) TMI 392 - GUJARAT HIGH COURT] No substantial question of law arise in the present appeal.
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