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2020 (11) TMI 299 - AT - Income TaxDisallowance u/s 14A r.w.r 8D - AO noticed that assessee had invested huge amount in shares but had not disallowed any expenditure u/s 14A - As per assessee no exempt income has been earned by the assessee and therefore no disallowance u/s 14A is called for - HELD THAT:- Submissions of the assessee have not been controverted by the Revenue. We find that in the case of PCIT vs. GVK Project and Technical Services Ltd. [2019 (5) TMI 725 - SUPREME COURT] upheld the Tribunal’s order holding that in the absence of any exempt income reported by the assessee, no disallowance u/s 14A can be made. We are of the view that the ratio of decision of Hon’ble Apex Court relied upon by Revenue is not applicable to the present facts. In view of the aforesaid facts, we find no reason to interfere with the order of CIT(A). Thus the ground of Revenue is dismissed. Miscellaneous income - assessee submitted in assessment proceedings in the absence of the Accountant of the assessee, assessee had voluntarily surrendered the income to avoid any litigation - CIT(A) after examination of the facts has given partial relief to the assessee - HELD THAT:- CIT(A) after noting and considering the fact that the amount which was agreed by the assessee for addition before the AO included ₹ 17,13,716/- which was already added back to the income of earlier years. He accordingly granted the relief of ₹ 17,13,716/- and upheld the addition of the balance amount of ₹ 14,61,414/-. Before us, no fallacy in the findings of CIT(A) has been pointed out by the Revenue. Considering the aforesaid facts, we find no reason to interfere with the order of CIT(A) thus the ground of Revenue is dismissed.
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