2021 (5) TMI 536 - AT - Income Tax

TP Adjustment - ALP Adjustment - AMP expenses - HELD THAT:- Carefully considered the decision of the Hon'ble High Court and the Tribunal. We find force in the contention of the ld. counsel for the assessee. Similar quarrel was there before the Tribunal and HC [2019 (3) TMI 326 - ITAT DELHI], [2019 (11) TMI 341 - DELHI HIGH COURT], [2017 (4) TMI 1259 - DELHI HIGH COURT]we direct the Assessing Officer /TPO to delete the additions made on account of AMP expenditure, substantive and protective.

Disallowance u/s 14A - HELD THAT:- We find that during the year under consideration, the assessee has earned no exempt income. Therefore, in the light of the ratio laid down by the Hon'ble Jurisdictional High Court decision of the Special Bench of the Tribunal in the case of M/s Cheminvest Ltd [2009 (8) TMI 126 - ITAT DELHI-B] which was affirmed by the Hon'ble High Court of Delhi [2015 (9) TMI 238 - DELHI HIGH COURT]. Same view is taken by the Hon'ble Gujarat High Court in the case of Corrtech Energy (P) Ltd [2014 (3) TMI 856 - GUJARAT HIGH COURT]. We are of the considered opinion that no disallowance should have been made u/s 14A of the Act. We accordingly direct the Assessing Officer to delete the addition.