TMI Blog2019 (2) TMI 1457X X X X Extracts X X X X X X X X Extracts X X X X ..... Vs. Holcim India (Pvt.) Ltd. (2014 (9) TMI 434 - DELHI HIGH COURT) as ruled that when there is no exempt income earned by the assessee, no disallowance under Section 14A of the Act can be made. - INCOME TAX APPEAL NO. 1619 OF 2016 - - - Dated:- 30-1-2019 - AKIL KURESHI M.S. SANKLECHA, JJ. For the Appellant : Mr. Arvind Pinto a/w Mr. N.C. Ranganayakulu For the Respondent : Mr. Madhur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the Court. 3. Learned Counsel appearing for the respondent waives service. 4. We notice that the Revenue has raised additional question, which reads as under : On the facts and in the circumstance of the case and in law, the Tribunal erred in allowing 14A Rule 8D since the Revenue has not accepted the decision of Delhi High Court in the case of Chem Investment Ltd. Vs. CIT, Delhi ? ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... P) Ltd., by order dated 21.11.217, following the judgment of Delhi High Court in case of Holcim India (P) Ltd. (supra), has adopted the same principle making following observations : 3. We have given careful consideration 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 divid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... responding expenditure incurred cannot be taken into consideration for disallowance. 4. We respectfully concur with the view taken by the Delhi High Court as the said view can always be taken on fair reading of Section 14A 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, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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