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2018 (2) TMI 1279 - AT - Income TaxAddition u/s 14A r.w.r. 8D - proof of having any exempt income - Held that:- In the present case, it is an admitted fact that the assessee was not having any exempt income which is evident from para 3.2.4 of the impugned order passed by the learned CIT(A) wherein it has been categorically stated that the assessee company had not earned any exempt income during the year. The said observation of the learned CIT(A) was not rebutted. As decided in Cheminvest Ltd. Vs CIT-IV [2015 (9) TMI 238 - DELHI HIGH COURT] section 14A will not apply if no exempt income is received or receivable during the relevant previous year. In the present case also no exempt income was claimed by the assessee therefore, the disallowance made by the AO u/s 14A of the Act was rightly deleted by the learned CIT(A). - Decided in favour of assessee
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