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2020 (10) TMI 1202 - AT - Income TaxDisallowance u/s 14A r.w.r. 8D - CIT(A) deleting the disallowance - HELD THAT:- CIT(A) has decided the issue on the basis of the decision of Hon’ble ITAT in the assessee’s own case for the A.Y. 2012-13 & 2013-14. It is specifically mentioned that the AO had recorded the similar reason while disallowing the expenditure to earn the exempt income in all the three years. The assessee filed an appeal before the CIT(A) who confirmed the order of the AO but the assessee filed an appeal before the Hon’ble ITAT in which the expenditure was restricted to the extent of expenditure which has been declared by assessee. CIT(A) has reproduced the judgment of the Hon’ble ITAT in his order. The CIT(A) has also discussed the several law including the India Advantage Securities Ltd [2015 (6) TMI 140 - BOMBAY HIGH COURT] and Maxopp Investment Ltd. [2018 (3) TMI 805 - SUPREME COURT] The facts are not distinguishable at this stage. Needless to say that the AO nowhere recorded the satisfaction to arrive at this conclusion of reasonable expenditure incurred to earn the exempt income. No books of accounts were examined in this regard. We nowhere found any illegality and infirmity in the order passed by the CIT(A) in question. - Decided against assessee.
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