TMI Blog2017 (10) TMI 1447X X X X Extracts X X X X X X X X Extracts X X X X ..... Inc [ 2014 (7) TMI 44 - PUNJAB AND HARYANA HIGH COURT] and in the case of CIT Vs. Holcim India Pvt. Ltd [ 2014 (9) TMI 434 - DELHI HIGH COURT] . DR has not brought to our notice any contradictory decision of the Hon'ble jurisdictional High Court. Moreover, the CBDT Circulars issued are binding on the authorities under the respective statutes and are not binding on courts as held by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... elating to assessment year 2013-14. 2. The only issue in the present appeal pertains to disallowance made u/s 14A of the Income Tax Act, 1961 (in short the Act ). 3. Briefly stated, the Assessing Officer had made disallowance of ₹ 2,07,14,800/- on account of expenses incurred for the purpose of making investments in shares amounting to ₹ 64.11 crores which was deleted by the Ld. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g the year, has erred by ignoring the CBDT circular no.5/2014 dated 1stFeb 2014 which states that disallowance of expense for earning exempt income u/s 14A read with rule 8D would be attracted even if corresponding exempt income has not been earned during the year. Besides as held by the Hon'ble Bombay High Court in the case of Godrej 85 Boyce Vs DCIT held, Rule 8D is prospective and simultane ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ind no infirmity in the order of the Ld.CIT (Appeals). The Ld. CIT (Appeals) has deleted the disallowance following the order of the I.T.A.T. in the case of the assessee itself for assessment year 2012- 13 wherein on identicalset of facts, in the absence of any exempt income, it was held that no disallowance u/s 14A could be made. The I.T.A.T. had relied upon the decision of the Hon'ble Jurisd ..... X X X X Extracts X X X X X X X X Extracts X X X X
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