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2022 (9) TMI 787 - AT - Income TaxDisallowance u/s 14A - Expenditure incurred on earning exempt income - Assessee argued disallowance cannot be exceed more than the exempt income received - HELD THAT:- We found substance in the submission of ld.AR that the disallowance cannot be exceed more than the exempt income received during the year as per the decision of Pragathi Krishna Gramina Bank [2018 (6) TMI 1283 - KARNATAKA HIGH COURT] Applicability of the amendments made by the Finance Act 2022 - We observe that the co-ordinate bench of ITAT Gauhati the date of decision [2022 (7) TMI 451 - ITAT GAUHATI] whereas the judgment rendered by the Hon’ble Delhi High Court [2022 (7) TMI 1093 - DELHI HIGH COURT] which is later judgment on the same issue. Therefore, we are allowing the appeal of the assessee subject to para No.10 of the said judgment of Hon’ble Delhi High Court in the case of M/s Era Infrastructure (India) Ltd. cited supra which reads as under:- “Accordingly, the appeal and application are dismissed. However, it is clarified that the order passed in the present appeal shall abide by the final decision of Supreme Court in the SLP filed in the case of PCIT Vs. IL & FS Energy Development Company Ltd. [2018 (5) TMI 2126 - SC ORDER],” We allow the appeal of the assessee by following the decision of the Hon’ble Delhi High Court Judgment cited supra.
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