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2022 (9) TMI 1559 - ITAT DELHIDisallowance u/s 14A r.w.r. 8D - exempt income earned or not? - Assessee submitted assessee did not receive any exempt income and the CIT (Appeals) deleted the disallowance following the decision of Cheminvest Limited [2015 (9) TMI 238 - DELHI HIGH COURT] for the reason that the assessee did not receive any exempt income during the assessment year under consideration HELD THAT:- We observe that recently in the case of PCIT Vs. Era Infrastructure (India) Ltd.[2022 (7) TMI 1093 - DELHI HIGH COURT] following the decision of Sedco Forex International Drill. [2005 (11) TMI 25 - SUPREME COURT] and the decision of M.M. Aqua Technologies Ltd. [2021 (8) TMI 520 - SUPREME COURT] held that the Amendment to section 14A of the Act which is for removal of doubts cannot be presumed to be retrospective. Similar view has been taken in the recent decision in Telecommunications Consultants India Ltd. [2022 (8) TMI 1486 - DELHI HIGH COURT]. Thus, no infirmity in the order passed by the ld. CIT (Appeals) in deleting the disallowance made under section 14A read with Rule 8D of the Act. Ground raised by the Revenue is rejected
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