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2017 (6) TMI 135 - AT - Income TaxDisallowance of expenses made invoking the provisions of section 14A - sufficiency of funds - Held that:- In the absence of satisfaction recorded by the Assessing Officer vis-à-vis the incorrectness of the claim of the assessee of expenses disallowable u/s 14A of the Act and further on account of sufficient own funds available with the assessee for the purpose of making investments which earned exempt income, the disallowance of ₹ 27,20,584/- made u/s 14A of the Act was unwarranted in the present case. The order of the Ld.CIT(Appeals) is, therefore, set aside on this count and the disallowance made u/s 14A is directed to be deleted. - Decided in favour of assessee.
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