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2018 (4) TMI 520 - AT - Income TaxDisallowance u/s 14A - Held that:- What we find is that Authorised Representative of assessee had stated before the AO that the interest paid on the term loans debited in its P & L A/c was only towards investments made in acquiring shares of M/s.Shilpi Saranya Apparels and M/s.Home Linen Pvt Ltd. Be that as it may, the judgement of Hon’ble Apex Court in the case of M/s.Maxopp Investments Ltd. (2018 (3) TMI 805 - SUPREME COURT OF INDIA) was not available with the ld. Assessing Officer or with the Ld.CIT(A), when they were seized of the issue of disallowance u/s.14A of the Act. Thus the question regarding disallowance u/s.14A of the Act requires a re-visit by the ld. Assessing Officer. Set aside the orders of authorities below and remit the issue back to the file of AO for consideration afresh in accordance with law. - Decided in favour of assessee allowed for statistical purposes
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