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2020 (9) TMI 274 - AT - Income TaxDisallowance u/s. 14A r.w.r. 8D - assessee is pleading that its capital as on 31.03.2013 was at ₹ 4.27 crores, while its investments in shares on that date was at ₹ 2.81 crores only, all these investments were made long back, the assessee has not borrowed any loan towards any investment which earned exempt income and it has not claimed any interest expenditure as an expenditure from any of its income and therefore, section 14A r.w.r. 8D is not applicable. HELD THAT:- Since these aspects have not been examined, we are of the view that this issue requires a fresh examination. Therefore, we remit the issue back to the AO for a fresh examination. The assessee shall lay relevant materials in support of its contention before the AO and comply with the requirements of the AO in accordance with law. The AO is free to conduct appropriate enquiry as deemed fit, but he shall furnish adequate opportunity to the assesssee on the material etc to be used against it and decide the matter in accordance with law - Assessee’s appeal is treated as partly allowed.
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