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2021 (9) TMI 39 - AT - Income TaxDisallowance u/s 14A r.w.r. 8D - proof of earning exempt income - CIT-A deleted the addition as assessee has not earned any exempt income during the relevant year - as per revenue CBDT Circular No.5/2014 dated 11.02.2014 which specifically clarifies that Rule 8D read with section 14A of the Income Tax Act, 1961 provides for disallowance of the expenditure even where the tax payer in a particular year has not earned any exempt income? - HELD THAT:- Revenue has not pointed out that during the year under appeal, the assessee has earned dividend income. Ld.CIT(A) has followed the decision rendered in the cases of CIT vs. Holcim India (P) Ltd [2014 (9) TMI 434 - DELHI HIGH COURT]and Cheminvest Ltd. [2015 (9) TMI 238 - DELHI HIGH COURT] - Revenue has not brought any other contrary binding precedents by the Hon’ble Jurisdictional High Court or Hon’ble Supreme Court to our notice. Therefore, we do not see any infirmity in the finding of Ld.CIT(A), the same is hereby affirmed. - Decided against revenue.
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