TMI Blog2018 (2) TMI 164X X X X Extracts X X X X X X X X Extracts X X X X ..... disallowance u/s 14A when there is no exempt income is no more res integra in view of the judgment in the case Cheminvest Ltd. vs. CIT (2015 (9) TMI 238 - DELHI HIGH COURT), wherein it has been held that if there is no exempt income, there can be no question of making any disallowance u/s 14A. - Decided in favour of assessee. - ITA No.6385/Del/2016, CO No.32/Del/2017 - - - Dated:- 3-1-2018 - S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ial Services (P) Ltd. A part of the same was paid during the year which was financed by taking a fresh loan from M/s Fuzone System (P) Ltd. This loan obtained was non-interest bearing. The loan was taken for investing in the purchase of shares of two subsidiary companies, namely, M/s TSM Polymers (P) Ltd. and M/s National Capital Region Electronics (P) Ltd. at a high rate of interest. The Assessin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... booked in the accounts and there is no exempt income earned by the assessee. We find that the question of disallowance u/s 14A when there is no exempt income is no more res integra in view of the judgment of the Hon'ble jurisdictional High Court in the case Cheminvest Ltd. vs. CIT (2015) 378 ITR 33 (Del) , wherein it has been held that if there is no exempt income, there can be no question ..... X X X X Extracts X X X X X X X X Extracts X X X X
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