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2019 (6) TMI 666

uring the year. DR also could not controvert the above factual findings given by the CIT(A), therefore, following the decision of Cheminvest Limited [2015 (9) TMI 238 - DELHI HIGH COURT] we hold that no disallowance u/s. 14A r/w. Rule 8D is called for when the assessee has not received any dividend income during the year. The order of the CIT(A) is accordingly upheld and ground raised by the revenue is dismissed. - ITA No.4417/Del/2016 - 12-6-2019 - Sh. R. K. Panda, Accountant Member And Sh. Kuldip Singh, Judicial Member For the Appellant : Ms. Paramita M. Biswas, CIT DR For the Respondent : Sh. Sushil Kumar Gupta, CA ORDER PER R.K. PANDA, AM: This appeal filed by the revenue is directed against the order dated 02.05.2016 of the CIT(A)-18, .....

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. Y. 2011-12 deleted the addition by observing as under :- 5.24.4 " I have carefully considered the matter in the light of the foregoing. Apart from the decisions relied on which support the contention of the AR, I find that in the recent decision of Cheminvest Ltd of Hon ble Delhi High Court in [ 2015 ] 61 taxmann.com 118 (Delhi) , the question of law before the Hon ble HC was: Whether disallowance under section 14 A of the act can be made in a year in which no exempt income has been earned a received by the assessee? In answering the said question, the Hon ble High Court at para 23 of the order has held: In the context of the facts enumerated hereinbefore, the court answers the question by holding that the expression does not form pa .....

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an amount of ₹ 1,62,49,000/- u/s 14A by rejecting the contentions raised by the assessee that no expenses have been incurred by the assessee to earn the exempt income during the year under assessment. CIT (A) observed that it cannot be ruled out that there is a proximate relationship between office establishment expenditure and interest expenditure to the investment resulting income not chargeable to tax. Ld. CIT (A) relied upon order passed by the Tribunal in case of Cheminvest Limited vs. ITO - 124 TTJ 577 (Del.)(SB) by holding that, if an expenditure is incurred in relation to income which does not form part of total income, it has to suffer disallowance irrespective of the fact whether any income is earned or not. However, this de .....

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