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2020 (4) TMI 588 - AT - Income TaxDisallowance u/s. 14A r.w Rule 8D - Assessee agitated the disallowance before the CIT(A) claiming that there is no exempt income - HELD THAT:- We restore this issue to the files of the CIT(A) with a direction that the CIT(A) shall decide this issue in true perspective of the underlying facts in the issue after giving a reasonable opportunity of being heard to the assessee. GP estimation - additions on account of differences in EVA and lumpsum additions of wages - HELD THAT: Once the AO has estimated the GP addition which was sustained by the CIT(A) all the related expenses are deem to be allowed and, therefore, there should not be any further addition in trading account. Therefore, modifying the findings of the CIT(A) we direct the AO to delete the addition on account of EVA and wages. Modifying the findings of the CIT(A) ground No.3 is dismissed.
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