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2017 (12) TMI 613 - AT - Income TaxDisallowance u/s 14A - Held that:- We find that the assessee himself has suo moto made disallowance of ₹ 58,095/- before CIT(A). On query from the Bench, the learned Sr. Departmental Representative (‘DR') could not counter the judgement of the Hon’ble Delhi High Court before us, or he could not brought any precedent of Hon’ble jurisdictional High Court in Revenue’s favour. Accordingly, we are of the view that the issue is squarely covered and hence, we restrict the disallowance at ₹ 1,51,348/- to the extent of exempt income. We direct the AO accordingly. Not allowing carry forward of speculation loss - Held that:- Admittedly, the assessee has claimed speculation loss in the return of income at ₹ 56,42,063/- but the AO himself has verified from the records that the speculation loss is at ₹ 1,04,65,899/-. According to us, the assessee is entitled for this loss and this has been verified by the AO from records. Accordingly, we direct the AO to allow the speculation loss at ₹ 1,04,65,899/-. The appeal of assessee is allowed and that of the Revenue is dismissed.
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