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2015 (7) TMI 1139

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..... no income is claimed to be exempt in that particular year. That precisely is the undisputed situation before us. In the present year, the assessee does not have any income from the related investments. In this view of the matter, the disallowance under section 14A must be held to be unsustainable in law. As for the question whether this plea can be taken up in the second round of proceedings, we .....

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..... rdance with the grounds of appeal raised by the appellant before him. 1. Disallowance u/s 14A r.w. Rule 8D ₹ 7,02,596/- 1. The ld. CIT(A) has erred in law and on facts in confirming the disallowance of ₹ 7,02,596/- made by the AO u/s 14A r.w. Rule 8D without properly appreciating the facts of the case and materials brought on record by the appellant. 2. The CIT(A) has erred .....

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..... ile of the Assessing Officer with a direction to make the disallowance under section 14A read with Rule 8D and for that purpose, adjudicate de novo. It was in this backdrop that the Assessing Officer disallowed ₹ 9,02,596/-. Aggrieved, assessee carried the matter in appeal before the CIT(A) but without any success. The assessee is aggrieved and is in further appeal before us. 3. We have h .....

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..... t it is a purely legal and fundamental issue which can be taken up before us even at this stage. We find support from Hon ble Supreme Court s judgment in the case of NTPC vs. CIT [229 ITR 383 (SC)] and Hon ble Bombay High Court in the case of Inventors Industrial Corp. Ltd. Vs. CIT (191 ITR 548). We, therefore, direct the Assessing Officer to delete the disallowance. 5. In the result, appeal is .....

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