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2023 (6) TMI 1276 - AT - Income TaxAddition u/s 14A - notional expenses incurred for earning of exempt income - Scope of newly inserted explanations to Section 14A - HELD THAT:- Where the assessee has not derived any tax exempt income from investments, then no disallowance is attracted u/s 14A of the Act. Recent decision in the case of PCIT Vs. Era Infrastructure (India) Ltd [2022 (7) TMI 1093 - DELHI HIGH COURT] wherein, it has been held that the aforesaid explanation inserted to Section 14A of the Act is applicable prospectively. Appeal of assessee allowed.
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