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2015 (6) TMI 646 - AT - Income TaxRevision u/s 263 - interest expenditure claimed on a loan raised from State Bank of India was not allowable since the loan was intended for starting a new amusement park at Mumbai and assessee had dropped the plan - Held that:- In so far as the first issue viz., interest claimed on loan from SBI, used for acquiring the land in question was concerned, Ld. AR has admitted that the issue required a look by the AO, since it was not verified by him at the stage of the assessment proceedings. Hence, in so far as this particular claim of the assessee is concerned, we cannot find any fault in the order of the CIT. - Decided against assessee. Assessee had made an investment in M/s. Wonderla Holiday (P) Ltd, under the same management and on such investment Section 14A of the Act was applicable - Held that:- In so far as the issue relating to disallowance u/s.14A is concerned, there was no error in the assessment order, which could be considered as prejudicial to the interests of Revenue. As assessee did not have any exempt income. That a disallowance u/s.14A of the Act, can be made only if there is a claim of exempt income - Decided in favour of assessee.
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