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2018 (4) TMI 571 - AT - Income TaxAddition u/s 14A - Held that:- Disallowance 14A cannot be made where there is no exempt income during the relevant A.Y. See case of Cheminvest Ltd [2015 (9) TMI 238 - DELHI HIGH COURT]. Addition u/s 68 - Held that:- CIT (A) has deleted the same by accepting the contentions of the assessee without any verification. We find that before us the assessee has not filed the copies of any of the documents which are referred in CIT (A)’s order. We are not able to accept the contentions of the assessee about the creditworthiness and the genuineness of the transactions. The PAN of the companies only prove their existence, and nothing else which is required u/s 68 of the Act - remit this issue also to the file of the AO with a direction to reconsider the issue in the light of the evidence filed by the assessee in support of the investment made by the four companies in the assessee’s company.
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