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2022 (12) TMI 81 - HC - Income TaxDisallowance u/s 14A r.w.r.8D - disallowing any expenditure incurred in relation to the exempt income - HELD THAT:- This Court is of the view that the present case is covered by the Division Bench judgment in Cheminvest Ltd. [2015 (9) TMI 238 - DELHI HIGH COURT] wherein it has been held that the expression 'does not form part of the total income' in Section 14A of the Act means that there should be an actual receipt of income which is not includible in the total income, during the relevant previous year for the purpose of disallowing any expenditure incurred in relation to the said income. In other words, Section 14A will not apply if no exempt income is received or receivable during the relevant previous year. Also amendment of Section 14A, which is “for removal of doubts” cannot be presumed to be retrospective even where such language is used, if it alters or changes the law as it earlier stood. See M/S. ERA INFRASTRUCTURE (INDIA) LTD. [2022 (7) TMI 1093 - DELHI HIGH COURT] - Decided in favour of assessee.
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