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2011 (8) TMI 1129 - AT - Income TaxAddition u/s 14A - Held that:- Assessee is having sufficient own funds and when he has borrowed funds even if he is having own funds, the presumption always goes in favour of the assessee that the assessee made investments out of own funds, therefore, the provisions of section 14A of the Act, is not applicable to the case of the assessee. In view of the said discussion, we set aside the order of the CIT(A) and delete the disallowance made by the AO u/s 14A of the Act. Accordingly, the grounds raised in AY 2006-07 is allowed.
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