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2017 (10) TMI 1637 - AT - Income TaxDisallowance u/s 14A r.w.r. 8D - assessee has been pleading before the authorities that in the year under consideration they did not have any exempt income - AO hold that the expenditure shall be disallowed whether or not any income was generated - HELD THAT:- As in view of the decision of Cheminvest Ltd. [2015 (9) TMI 238 - DELHI HIGH COURT] and on the face of the factual position that there is no dispute as to the assessee not deriving any exempt income, we are of the considered opinion that the disallowance is not permissible where no exempt income is received or receivable during the relevant previous year - direct the AO to delete the same. Decided in favour of assessee.
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