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2021 (4) TMI 727 - AT - Income TaxDisallowance u/s 14A - as per assessee no exempt income was earned by the assessee company and the action is unjustified and unwarranted - HELD THAT:- We find that in the case of PCIT-6 v. Kohinoor Project (P.) Ltd., [2020 (1) TMI 1161 - BOMBAY HIGH COURT] in unequivocal terms had concluded that section 14A would not apply if no exempt income was received or was receivable by the assessee during the relevant previous years. Also, a similar view had been taken by the Hon'ble High Court in the case of PCIT v. Red Chillies Entertainment (P.) Ltd., [2019 (8) TMI 1490 - BOMBAY HIGH COURT] Accordingly, in the backdrop of the fact that the no exempt income was received or was receivable by the assessee during the year in question i.e. A.Y. 2010-11, we agree with the claim of the Ld.A.R that no disallowance u/s. 14A was called for in the hands of the assessee.- Decided in favour of assessee.
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