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2022 (3) TMI 1277 - AT - Income TaxDisallowance u/s 14A - assessee had suo moto disallowed a sum on account of expenses pertaining to this exempt income - HELD THAT:- We find that while restricting the disallowance of expenses u/s. 14A to the extent of exempt income earned, the Ld. CIT(A) followed the decision of Corrtech Energy Pvt. Ltd.[2014 (3) TMI 856 - GUJARAT HIGH COURT] and also Chhetinad Logistics Pvt. Ltd. [2017 (4) TMI 298 - MADRAS HIGH COURT] which decision he noted was upheld by the Hon’ble Supreme Court on merits[2018 (7) TMI 567 - SC ORDER]. Thus we see no reason to interfere in the order of the Ld. CIT(A) restricting the disallowance of expenses u/s. 14A to the extent of exempt income earned. Addition u/s 14A made by the AO to the book profit of the assessee u/s 115JB - HELD THAT:- The issue was covered in favour of the assessee by the decision of Special Bench of ITAT in the case of ACIT vs. Vireet Investment Pvt. Ltd. [2017 (6) TMI 1124 - ITAT DELHI]. Disallowance of Forex Gain - HELD THAT:- CIT(A) correctly deleted the addition finding that in identical set of facts in the case of assessee itself, the ITAT had in earlier years i.e A.Y 2009-10 & 2010-11 held that no addition on account of notional gain or loss on account of foreign exchange fluctuation was warranted as per the provisions of Section 43A of the Act. - Assessee appeal allowed.
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