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2020 (3) TMI 936 - AT - Income TaxDisallowance u/s 14A r.w.r. 8D - claim of the assessee is that when sufficient own funds were available for making investment in the shares, then there cannot be any disallowance towards expenditure - HELD THAT:- Details of the date of investments in the shares and availability of funds on the date of investments are not available on record. Therefore, as submitted for the assessee, the matter needs to be re-examined by the AO. Orders of both the authorities below are set aside and the entire issue of disallowance made under Section 14A read with Rule 8D is remitted back to the file of the Assessing Officer. The Assessing Officer shall re-examine the matter and bring on record the actual dates of investments made in the shares, availability of the assessee’s own funds on the date of investments and the investment which earned the exempted income and thereafter decide the issue afresh in accordance with law, in the light of the judgment of Apex Court in Maxopp Investment Ltd. [2018 (3) TMI 805 - SUPREME COURT] after giving a reasonable opportunity to the assessee. Applicability of Section 14A and the expenditure for earning exempted income. The issue raised in the cross-objection is also remanded back to the Assessing Officer for reconsideration.
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