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Assessee has raised the groundthat the Ld. Commissioner of Income Tax (Appeals) has erred on law and on facts in confirming the addition of Rs. 51,72,597/- u/s 14A r.w.r. 8D, in respect of investments from which the appellant has not earned any exempt income, disregarding the orders passed by Commissioner of Income Tax (Appeals) in earlier years and also disregarding the decision of Hon’ble Gujarat High Court in thecaseof Corrtech Energy Private Limited reported at 45 116 (Gujarat).

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Sec. 14A of Income Tax Act, 1961—Business disallowance— Only those investments are to be considered for computing average value of investment which yielded exempt income during the year and in that view of the matter it was fit and proper to restore the matter to the file of the AO for re-computing the disallowance under Section 14A in terms of the observation made - GUJARAT MINERAL DEVELOPMENT CORPORATION LTD. V/s ASSTT. CIT - [2020] 27 ITCD Online 071 (ITAT-AHMEDABAD)