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2017 (3) TMI 1858 - AT - Income TaxDisallowance u/s 14A - assessee argued no exempted income was earned during the relevant assessment year - HELD THAT:-undisputedly the assessee does not have any exempted income, therefore disallowance u/s 14A of the Act cannot be made. We have also examined the judgment of CHEMINVEST LIMITED [2015 (9) TMI 238 - DELHI HIGH COURT] have categorically held that where the assessee had not earned any taxable income in the relevant assessment year in question, then the corresponding expenditure could not be worked out for disallowance. Thus, no disallowance u/s. 14A of the Act can be made in the year in which no exempt income had been earned or received by the assessee - Appeal of assessee is allowed.
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