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2022 (9) TMI 1468 - AT - Income TaxAddition u/s 14A r.w.r 8D - absence of any exempt income - HELD THAT:- The undisputed fact is that there is no exempt income earned by the assessee during the year under consideration. On such facts, the dispute is well settled in favour of the assessee and against the revenue by the decision of the Hon'ble Supreme Court in the case of Oil Industry Development Board [2019 (3) TMI 1571 - SC ORDER] by which the Hon'ble Supreme Court dismissed the Special Leave Petition preferred by the revenue against the order of the Hon'ble High Court of Delhi [2018 (2) TMI 1861 - DELHI HIGH COURT] in which case the Tribunal had held that in the absence of any exempt income, disallowance u/s 14A of any amount was not permissible. The Hon'ble High Court of Delhi upheld the order passed by the Tribunal [2019 (6) TMI 666 - ITAT DELHI] and the Hon'ble Supreme Court dismissed the SLP preferred by the Revenue. Also in the case of Caraf Builders & Constructions [P] Ltd [2018 (12) TMI 410 - DELHI HIGH COURT] has held that when no taxable income is earned, corresponding expenditure could not be worked out for disallowance. Similar view was taken in the case of Cheminvest Ltd Vs. CIT [2015 (9) TMI 238 - DELHI HIGH COURT] Respectfully following the judicial decisions cited hereinabove, we decline to interfere with the findings of the CIT(A). Accordingly, Ground of appeal raised by the Revenue is dismissed.
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