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2021 (9) TMI 1037 - AT - Income TaxDisallowance u/s 14A r.w.r. 8D - whether any exempt income had been earned during the financial year or not? - HELD THAT:- Neither the Assessing Office nor the Ld. CIT(A) has disputed the claim of the assessee that no exempt income was earned by the assessee during the relevant previous year corresponding to Assessment Year 2014-15, to which this present appeal pertains. On perusal of the materials on record, we find nothing contrary to claim of the assessee that the assessee had not earned any exempt income during the year. It can therefore be inferred that the assessee had not earned any exempt income during the year. No disallowance under Section 14A of I.T. Act is attracted if the assessee has not earned any exempt income during the year. Respectfully following the aforesaid orders of Hon’ble Delhi High Court in the cases of CIT vs. Holcim India Pvt. Ltd. [2014 (9) TMI 434 - DELHI HIGH COURT] and Cheminvest Ltd. Vs. ACIT [2014 (9) TMI 434 - DELHI HIGH COURT]we set aside the order of the Ld. CIT(A) and direct the Assessing Officer to delete the aforesaid disallowance - Decided in favour of assessee.
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