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2017 (12) TMI 362 - AT - Income TaxAddition u/s 14A r.w.r. 8D - Held that:- No merit in the Departmental Appeal on this issue. It is not in dispute that assessee-company has not earned any dividend income in assessment years under appeal. The Hon’ble Delhi High Court in the case of Cheminvest Ltd., vs. CIT-VI, New Delhi (2015 (9) TMI 238 - DELHI HIGH COURT ) has held that if there is no exempt income, there can be no question of making any disallowance under section 14A of the I.T. Act Addition on the basis of the seized material - Held that:- Whatever entries are referred to in the seized document, have been duly explained by assessee-company before the authorities below and all the entries in the seized document are reflected in the books of account. The payments received from Central Coal Field Ltd., have been mentioned in the bank account of the assessee12 company and payments mentioned in the seized documents have been made to the three parties. The Ld. CIT(A) therefore, on proper appreciation of all the seized documents in reference to the books of account, correctly deleted the addition. Addition on account of unexplained cash found during search - Held that:- No merit in this ground of appeal of the Revenue. The assessee -company explained the availability of the cash found during the course of search as available to the assessee-company and the group companies at the time of search which were duly reflected in the books of account, confirmation of the availability of the cash were filed, which supports the explanation of assessee-company. No material has been brought on record to dislodge the findings of fact recorded by the Ld. CIT(A). Revenue appeal dismissed.
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