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2019 (11) TMI 1333 - AT - Income TaxDisallowance u/s. 14A - absence of exempt income - HELD THAT:- First of all, we examine the P&L account of the assessee company to find out as to whether any exempt income is earned by the assessee in the present year or not. We find that as per the P&L account, there is gross income of ₹ 4,95,79,007/- which includes sales of products, interest received, excess provision written off and service income and hence, it is seen that there is no exempt income earned by the assessee in the present year. This is by now settled position of law that in the absence of exempt income, provisions of section 14A cannot be invoked and hence, by respectfully following these various judgments cited by ld. AR of assessee, we delete the disallowance made by the AO and confirmed by ld. CIT(A) u/s. 14A of the IT Act. - Decided in favour of assessee.
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