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2020 (1) TMI 1638 - AT - Income TaxAddition u/s 14A - Assessee has disallowed being 0.5% on an average investment - HELD THAT: - When no funds are used in investment, then no disallowance of interest expenses under section 14A is applicable. The amount of net investment was same in the preceding assessment year as well as in assessment year under appeal. Assessee has specifically submitted before the CIT(A) that he made non-cash investment in subsidiary and associated companies as joint venture to revive certain closed mills. No funds are used to make investments. The net investment in assessment year under appeal is same as were in preceding A.Y. 2013-2014. These facts are same as have been considered in earlier year. In earlier year, the Ld. CIT(A) has deleted the addition, but, no appeal have been filed by the Department except in A.Y. 2009-2010 before the Tribunal and the Tribunal [2014 (11) TMI 1174 - ITAT DELHI] for the A.Y. 2009-2010 dismissed the Departmental appeal on the same ground and on same facts. Therefore, this issue is also covered by the Order of ITAT (supra). Prior period expenditure disallowance - HELD THAT:- As is admittedly covered by the Order of ITAT [2014 (11) TMI 1174 - ITAT DELHI] Dated 19.11.2014 (supra). Following the same reasons for decision for the A.Y. 2009-2010 on identical facts, we do not find any merit in the Departmental appeal and the same is accordingly dismissed.
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