TMI Blog2019 (8) TMI 152X X X X Extracts X X X X X X X X Extracts X X X X ..... - DELHI HIGH COURT] would come to the aid of the assessee wherein the Hon ble High Court had held that in the absence of any exempt income, disallowance u/s 14A of the Act of any amount was not permissible. - Decided against revenue - ITA No.2395/Del/2017 - - - Dated:- 31-7-2019 - Shri R.K. Panda, Accountant Member And Shri Sudhanshu Srivastava, Judicial Member For the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the open market. During the year under consideration, the return of income was filed declaring an income of ₹ 2,100/-. The case of the assessee was selected for scrutiny under the CASS guidelines and during the course of assessment proceedings, the assessee was asked to explain as to why the provisions of section 14A of the Act were not applicable in the assessee s case. It w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntly argued that the disallowance had been incorrectly deleted by the ld. Commissioner of Income Tax(A). However, the ld. Sr. DR could not negate the fact that during the year under consideration, the assessee was not in receipt of any exempt income. The ld. AR supported the orders of the ld. Commissioner of Income Tax(A). 3. We have heard the rival submissions and perused the mater ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... estment Ltd. (supra) was whether the expenditure (including interest on borrowed funds) in respect of investment in shares of operating companies for acquiring and retaining a controlling interest therein was disallowable under Section 14 A of the Act. In the said case admittedly there was dividend earned on such investment. In other words, it was not a case, as the present, where no exempt income ..... X X X X Extracts X X X X X X X X Extracts X X X X
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