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2017 (12) TMI 807 - AT - Income TaxDisallowance under section 14A - no exempt income has been earned or received by the assessee - Held that:- We find that the Hon’ble Delhi High Court in the case of Cheminvest Ltd (2015 (9) TMI 238 - DELHI HIGH COURT) has clearly held that no disallowance under section 14A of the Act can be made in a year in which no exempt income has been earned or received by the assessee. In our considered opinion, the learned CIT(A) has followed the binding precedents of the Hon’ble Delhi High Court on the issue in dispute and we do not find any error in the said finding of the learned CIT(A)- Decided in favour of assessee.
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