Section 14A and Rule 8D: No Exempt Income Recorded, Directed Additions Deleted Due to Zero Average Investment Value.

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....Disallowance u/s.14A r.w.r. 8D - whether exempt income during the year under consideration? - there is no opening and closing balances of mutual fund. Meaning thereby, the investments, on which the assessee had earned exempt income, were not only made during the year under consideration, but also sold during the year under consideration. That being the case, the average value of investment as on the 1st day of the financial year and at the year end is nil. - Additions directed to be deleted - AT....