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2019 (4) TMI 1814 - HC - Income TaxDisallowance u/s 14A - there is no exempt income received or receivable by the assessee during the relevant previous year - HELD THAT:- Assessee had not received any exempt income during the period relevant to the assessment year 2009-10, despite which AO sought to invoke the provisions of section 14A of the Income Tax Act 1961 and made disallowance of the expenditure. Delhi High Court in case of Cheminvest Ltd. Vs. Commissioner of Income Tax [2015 (9) TMI 238 - DELHI HIGH COURT[ held that in such a situation, disallowance of the expenditure under section 14A of the Act would not be permissible. This decision was carried in Appeal filed by the Revenue before the Supreme Court. SLP has been dismissed. This Court, following the said decision in several cases in case of The Principal Commissioner of Income Tax-10 Vs. HSBC Invest Direct (India) Ltd. [2019 (2) TMI 731 - BOMBAY HIGH COURT] has dismissed the Revenue’s Appeal.
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