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2019 (8) TMI 151 - ITAT BANGALOREDisallowance of expenses u/s 14 A read with Rule 8D - HELD THAT:- Disallowance under section 14 A to be computed read with Rule 8D(iii) having regard to annual accounts for years under consideration. There is categorical observation by Ld.CIT (A) that assessee had sufficient funds to make investments during years under consideration and there has been no interest-bearing fund that has been utilized for the same. Further any disallowance under Rule 8D2(iii) could be made only in respect of such investment that yielded exempt income. Carbon Credit income - characterization of income - revenue or capital receipt - HELD THAT:- Assessee submitted that the issue relating to carbon credit income has been decided by Hon’ble Karnataka High Court in case of Subash Kabini Power Corporation Ltd [2016 (5) TMI 793 - KARNATAKA HIGH COURT] in favour of assessee. Disallowance u/s 14A read with Rule 8D (iii) - CIT (A) held disallowance to be justified for assessment year 2009-10 and 2011-12, whereas he deleted disallowance computed under rule 8D(iii), as there was no exempt income following decision of Hon’ble Delhi High Court in case of M/s Cheminvest Ltd [2015 (9) TMI 238 - DELHI HIGH COURT] . No infirmity in the aforestated observations of Ld. CIT (A) and accordingly the same is upheld.
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