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2018 (9) TMI 1751 - AT - Income TaxDisallowance u/s 14A r.w.r. 8D - eligibility of revised return of income filed by the assessee u/s 139(5) - Held that:- In the instant case, the revised return of income was filed within time prescribed u/s 139(5) of the 1961 Act and secondly the Courts/tribunals are consistently taking a view that in case no exempt income is received or receivable on exempt income, no disallowance u/s 14A is warranted. Thus the assessee’s action in revising its return of income in line with decision of several Courts and tribunal is held to be bonafide and we accept the revised return of income filed by the assessee u/s 139(5) on 30-03-2016 as a valid return of income. We have also noted that the tribunal in assessee’s own case in AY 2006-07 [2017 (11) TMI 1715 - ITAT MUMBAI] have also held in favour of assessee by holding that in case no exempt income was received or receivable by the assessee during the relevant previous year, then no disallowance u/s. 14A. Thus no disallowance u/s. 14A of the 1961 Act is warranted in the instant case as the assessee has not received any exempt income during the relevant previous year on investments - decided in favour of assessee
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