TMI Blog2015 (8) TMI 1454X X X X Extracts X X X X X X X X Extracts X X X X ..... cer to verify the fact-situation and allow the claim as per law. Quite clearly, the Assessing Officer had denied the claim for carry forward of the business loss without giving any cogent reasons. The order of the CIT(A) on this aspect is also affirmed. - ITA 2855/MUM/2013 - - - Dated:- 31-8-2015 - SHRI G.S.PANNU, ACCOUNTANT MEMBER AND SHRI SANJAY GARG, JUDICIAL MEMBER For the Appellant : Shri Vikram Batra For the Respondent : Shri Vijay Mehta ORDER PER G.S. PANNU,AM: The captioned appeal is preferred by the Revenue and is directed against the impugned order dated 22.01.2013 of CIT(A)- 21, Mumbai pertaining to the assessment year 2009-10, which inturn has arisen from the order passed by the Assessing Officer date ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wed u/s.14A even when no exempted income is earned during the year as decided in Cheminvest Ltd. vs. ITO (IAT, Spl. Bench, Delhi reported in 121 ITD 318) and in Pradeep Kar S. ACIT [319 ITR 416 (Kar) 8. ignoring the fact that there was a clear cut nexus between interest bearing borrowed funds utilized for earning exempt income by investment in the Partnership Firm, as decided in CIT vs. Popular Vehicles Services Ltd. [325ITR 523(Kar.)] 9. the appellant prays that the order of CIT (A) on the above ground be set aside and that of the assessing officer be restored. 2. Although the Revenue has raised multiple Grounds of appeal, but the solitary dispute raised is with regard to the action of the CIT(A) in deleting a disallowance of & ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is in appeal before us. 4. At the time of hearing, it was a common ground between the parties that the judgement of the Hon ble Bombay High Court in the case of Delite Enterprises (supra), which has been relied upon by CIT(A), is squarely applicable to the facts of the present case. Quite clearly, in the instant year no exemption has been claimed by the assessee under section 10(2A) of the Act as there was no tax free income and, therefore, the provisions of section 14A of the Act are not applicable. Apart from the aforesaid, Ld. Representative for the assessee also referred to the following judgements to support the conclusion of CIT(A) that in case there was no exempt income received during the year, the recourse to section 14A of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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