TMI Blog2020 (12) TMI 654X X X X Extracts X X X X X X X X Extracts X X X X ..... Therefore, we dismiss the Revenue's appeal. - I.T.A. No. 3296/CHNY/2019 - - - Dated:- 14-10-2020 - V. Durga Rao, Member (J) And S. Jayaraman, Member (A) For the Appellant : M. Srinivasa Rao, CIT For the Respondents : Saroj Kumar Parida, Advocate ORDER S. Jayaraman, Member (A) 1. The Revenue filed this appeal against the order of the Commissioner of Income Tax (Appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) 95 taxmann.com 250 (SC) held that disallowance U/s. 14A r.w. Rule 8D can be made only when there is exempt income. Only those investments which yielded exempt income during the relevant assessment year under consideration ought to be included for the purpose of average value of investment for computing disallowance as per third limb of Rule 8D(2) and accordingly directed the AO to recompute the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ve lines. 2.3 The learned CIT(A) failed to note as the Hon'ble Supreme Court held in the case of 'Maxopp investments' interpreted in a strict manned to held that dominant or main object would not be a relevant consideration for disallowance u/s. 14A of the Act. 2.4 The learned CIT(A) failed to note that the CBDT has issued circular No. 5/2014 dated 11.02.2014 provides for dis ..... X X X X Extracts X X X X X X X X Extracts X X X X
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