TMI Blog2017 (12) TMI 811X X X X Extracts X X X X X X X X Extracts X X X X ..... ecided in favour of assessee. - Income Tax Appeal No. 693 of 2015 - - - Dated:- 21-11-2017 - A. S. Oka And A. K. Menon, JJ. Mr.Suresh Kumar with Ms.Priyanka Tiwari for the appellant Mr.Pankaj R. Toprani with Ms.Krupa Toprani for the respondent ORDER P.C.: One of the contentions raised by the respondent-assessee was that in view of policy circular dated 10th December 2015, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ibunal, D Bench, Mumbai (for short Appellate Tribunal ). The issue pertains to the assessment year 200910. The respondent-assessee filed its return accompanied with Balance Sheet and P L Account declaring loss of Rs.Nil. The Assessing Officer passed an order under which he made disallowance under Section 14A of the Income Tax Act, 1961 (for short the said Act ) read with Rule 8D of the Rules ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er, on the facts and in circumstances of the case, the Income Tax Appellate Tribunal was justified in allowing the appeal of the assessee relying on the decision of the Delhi High Court in the case of CIT v. Holcim India P.Ltd. Without appreciating the fact that the assessee had huge investments in shares, the incomes from which are exempt from tax and the applicability of Rule 8D in determining t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the submissions. On facts, it appears from the impugned judgment that the assessee had made investment in shares of closely held companies which did not declare any dividend. On facts, there is no dispute that the assessee has not earned any exempt income during the year under consideration. After consideration of Section 14A, the Delhi High Court followed decisions of certain other High Court ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4A of the said Act. A Division Bench of Allahabad High Court has also taken a similar view in the case of Commissioner of Income Tax v. Shivam Motors (P) Ltd. (supra). Hence, in our view, no fault can be found with the impugned judgment of the Appellate Tribunal whereby disallowance under Section 14A was ordered to be deleted. No substantial question of law arises. Appeal is, accordingly, dismisse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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