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2020 (2) TMI 732 - HC - Income TaxDisallowance u/s 14-A - investments in group companies - Whether it is not the object for which the investment was made, but the quality of income, tax-exempt or otherwise, that arises from the investment, needs to be considered for the purpose of section 14A of the Income Tax Act, 1961? - HELD THAT:- Appellant submits that the above two questions have been decided by the Supreme Court against the revenue and in favour of the assessee in CIT v/s. Essar Teleholdings Ltd. [2018 (2) TMI 115 - SUPREME COURT] . That apart, on identical issue Delhi High Court upheld the order passed by Tribunal that in the absence of any exempt income, disallowance under Section 14-A of the Act was not permissible. A Special Leave Petition filed by the revenue against the said decision has been dismissed by the Supreme Court in Principal Commissioner of Income-Tax v/s. Oil Industry Development Board [2019 (3) TMI 1571 - SC ORDER] - Decided against revenue.
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