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2018 (2) TMI 174 - AT - Income TaxDisallowance of foreign exchange loss - Held that:- Since we have already restored the issue to the file of the Assessing Officer/TPO to decide the issue in the light of the MAP resolution which was made after the final order was passed, therefore, following the same reasonings, we restore this issue to the file of the Assessing Officer/TPO for deciding the issue afresh in the light of the MAP resolution. Disallowance u/s 14A - Held that:- Hon’ble Delhi High Court in the case of Cheminvest Limited vs. CIT [2015 (9) TMI 238 - DELHI HIGH COURT ] has held that section 14A will not apply if no exempt income has been received or receivable during the relevant previous year. Since in the instant case, it is an admitted fact that no exempt income has been received by the assessee during the impugned assessment year, therefore in the absence of any contrary material brought to our notice by the ld. DR, we hold that no disallowance u/s 14A is called for. The ground raised by the assessee is accordingly allowed. Disallowance of claim of brought forward losses and MAT credit - Held that:- At the time of hearing both the sides agreed that this ground is consequential in nature and no speaking order has been passed. Therefore, we restore this issue to the file of the Assessing Officer with a direction to pass a speaking order as per fact and law after giving due opportunity of being heard to the assessee.
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