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2018 (2) TMI 1206 - AT - Income TaxAssessment u/s 153A - disallowance u/s. 40A(3) - Held that:- Since assessee has not claimed any expenditure, therefore, no disallowance can be made during the year under consideration. See M/s Galaxy Dwellers (P) Ltd. vs. DCIT [2017 (11) TMI 112 - ITAT DELHI]. Hon’ble Punjab & Haryana High Court in the case of Gurdas Garg vs. CIT (2015 (8) TMI 569 - PUNJAB & HARYANA HIGH COURT) has held that where genuineness of transactions made in cash in excess of ₹ 20,000 was not disbelieved by authorities, same cannot be disallowed under Section 40A(3). - Decided in favour of assessee. Disallowance being finance charges on loan taken from parent company - Held that:- This addition is not tenable because in this case no incriminating material was found during the course of search, hence, this ground is also allowed in favour of the assessee and against the Revenue.
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