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TMI Blog2019 (6) TMI 1490X X X X Extracts X X X X X X X X Extracts X X X X ..... is Appeal is filed by the Revenue to challenge the Judgment of the Income Tax Appeallate Tribunal ("the Tribunal" for short). The following question is presented for our consideration : (i) Whether on the facts and in the circumstances of the case and in law, the Hon'ble ITAT is justified in holding that no disallowance should be made u/s. 14A r.w.r. 8D, if exempt income had not been earned ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h decision, the Delhi High Court ruled that when there is no exempt income earned by the assessee, no disallowance under Section 14A of the Act, can be made. It is pointed out to us that this Court in Income Tax Appeal No.693 of 2015 in case of Principal CIT Vs. M/s. Rivian International (P) Ltd., by order dated 21.11.217, following the judgment of Delhi High Court in case of Holcim India (P) Ltd. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... provides that if there is an income which does not form a part of the total income under the said Act, the expenditure which is incurred for earning the income is not an allowable deduction. Therefore, during the relevant year,if the assessee has not earned any tax free income, the corresponding expenditure incurred cannot be taken into consideration for disallowance. 4. We respectfully concur ..... X X X X Extracts X X X X X X X X Extracts X X X X
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