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2020 (2) TMI 955 - HC - Income TaxDisallowance u/s 14A read with Rule 8D - HELD THAT:- CIT(A) as well as the Appellate Tribunal rightly applied the dictum as laid by this Court in the case of Corrtech Energy [2014 (3) TMI 856 - GUJARAT HIGH COURT] this Court held that the assessee did not make any claim for exemption of any income from payment of tax. The disallowance under Section 14A of the Act cannot be made. To attract the provisions of Section 14A of the Act, 1961, it is necessary that the assessee should have earned any exempt income. If the assessee has not earned an exempt income and has not claimed so in the return of income, then the provision of Section 14A is not applicable. The concurring findings of fact recorded by the two authorities is that in the year under consideration, the assessee company had not earned any exempt income and had not claimed any such exempt income in the return of income. - Decided against revenue.
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