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2018 (3) TMI 1518 - AT - Income TaxDisallowance u/s. 14A - AO rejected the suo motto disallowance - Held that:- CIT(A) has considered the issue in right perspective. The contention of the Assessing Officer that no claim of assessee could be accepted otherwise by way of revised return has also been properly met out by the ld. CIT(A) by relying on various decisions, wherein the findings in Goetze (India) (2006 (3) TMI 75 - SUPREME Court) has been considered, inasmuch as the decision of Hon’ble Supreme Court was limited to the power of Assessing Officer and did not impinge to the powers of Tribunal. CIT(A) in this regard has also taken into account CBDT Circular No. 1955 as reproduced in the impugned order, against which there is nothing on record from the side of Revenue. Hon’ble Delhi High Court in CIT vs. Sam Global Securities Ltd. [2013 (9) TMI 876 - DELHI HIGH COURT] after considering the decision in Goetze India (supra) has decided this issue in favour of the assessee. CIT(A) has also relied on the decision of Hon’ble jurisdictional High Court in Joint Investment Pvt. Ltd. vs. CIT [2015 (3) TMI 155 - DELHI HIGH COURT] for restricting the addition to the extent of exempt income earned by the assessee. - Decided in against revenue
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