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2019 (4) TMI 1529 - AT - Income TaxDisallowance u/s 14A for expenses incurred in relation to the exempt income - CIT(A) held that the investment made by the assessee in the shares of other group concerns being strategic in nature, the disallowance u/s 14A could be made only on account of other expenses as per clause (iii) of sub-rule (2) of Rule 8D Held that:- Hon’ble Delhi High Court in the case of Cheminvest Ltd. vs CIT [2015 (9) TMI 238 - DELHI HIGH COURT] wherein it was held that no disallowance u/s 14A could be made if no exempt income was actually earned by the assessee in the relevant year. Since no exempt income in respect of dividend was actually earned by the assessee during the year under consideration, we respectfully follow the decision above and uphold the impugned order of the Ld. CIT(A) to the extent of relief given by him to the assessee on the issue of disallowance u/s 14A. - Decided against revenue
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