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2020 (2) TMI 489 - HC - Income TaxDisallowance u/s 14A - stand of the department is that the expression 'includible' appearing in heading of Section 14A would mean that it is not necessary that exempt income should be included in the particular year's income for deduction to be allowed - HELD THAT:- This Court in the case of Commissioner of Income Tax Vs. M/s. Delite Enterprises [ 2009 (2) TMI 498 - BOMBAY HIGH COURT] answering a similar question held that since there was no profit in the relevant assessment year, question of disallowance under Section 14A would not arise. Again Delhi High Court in case of Pr. Commissioner of Income Tax -4 Vs. IL & FS Energy Development Company Ltd [2017 (8) TMI 732 - DELHI HIGH COURT] held that CBDT circular referred to herein above cannot override the statutory provisions and declined to admit the related appeal raising similar question. Adverting to the facts of the present case, admittedly, there is no exempt income of the assessee in the year under consideration. Consequently, the questions proposed do not arise.
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