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2017 (11) TMI 711 - AT - Income TaxDisallowance u/s 14A - no exempt income earned - Held that:- As no exempt income was earned by the assessee, therefore, considering the decision from Hon’ble jurisdictional High Court in the case of Holcim India Pvt. Ltd. [2014 (9) TMI 434 - DELHI HIGH COURT], Hon’ble Punjab & Haryana High Court in CIT vs Lakhani Marketing [2014 (7) TMI 44 - PUNJAB AND HARYANA HIGH COURT] and CIT vs Shivam Motors [2014 (5) TMI 592 - ALLAHABAD HIGH COURT], we are of the view when no exempt income is earned by the assessee during the relevant year, no disallowance can be made u/s 14A of the Act r.w.r. 8D of the Rules, therefore, we find no infirmity in the conclusion of the Ld. First Appellate Authority. - Decided in favour of assessee.
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