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2021 (3) TMI 152 - AT - Income TaxDisallowance u/s 14A - no exempt income was earned by the assessee during the financial year 2015-16 relevant to the AY 2016-17- HELD THAT:- When there is no exempt income earned by the assessee, no disallowance under Section 14A of the Act can be made is no longer res integra. Similar is the decision by the Hon’ble Bombay High Court in Pr. CIT v. M/s Ballarpur Industries Ltd. [2016 (10) TMI 1039 - BOMBAY HIGH COURT] and the decision by the Hon’ble Punjab & Haryana High Court has held in CIT v. Winsome Textiles Industries Ltd. [2009 (8) TMI 220 - PUNJAB AND HARYANA HIGH COURT]. The Hon’ble Madras High Court in the case of CIT v. Celebrity Fashion Ltd. [2020 (9) TMI 1022 - MADRAS HIGH COURT] has similarly held that no disallowance can be made u/s 14A in absence of exempt income. - Decided in favour of assessee.
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