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2023 (8) TMI 1251 - AT - Income TaxDisallowance u/s 14A - on finding that no exempt income has been earned, ld. CIT (A) deleted the addition as relying on case of Cheminvest Ltd. [2015 (9) TMI 238 - DELHI HIGH COURT] HELD THAT:- We find that the issue is squarely covered in favour of the assessee by the aforesaid decisions referred to by the ld. CIT (A). Hence, we affirm the order of ld. CIT (A) on this issue. Deduction for provision of post-retirement medical benefits - HELD THAT:- As the appellant's claim of deduction towards provision for post-retirement medical benefits in respect of its serving and retired employees is albeit a provision in its books of account and not incurred during the relevant PY, yet this provision is based upon the actuarial certificate as prescribed in the relevant Accounting Standard (AS 15) of ICAI, required to be followed mandatorily in accordance with the accrual system of accounting as prescribed by the Companies Act. Accordingly, in view of the above as well as in due deference to the decision of Bharat Earth Movers [2000 (8) TMI 4 - SUPREME COURT]. the disallowance made on this issue in the impugned order is deleted correctly. Decided in favour of assessee.
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