TMI Blog2020 (9) TMI 877X X X X Extracts X X X X X X X X Extracts X X X X ..... Supreme Court in the case of Maxopp Investment Ltd [2018 (3) TMI 805 - SUPREME COURT] as held that as the assessee had not made any claim for the exemption of any income from payment of tax, the disallowance under Section 14A of the Act cannot be made. To attract the provisions of Section 14A of the Act, 1961, it is necessary that the assessee should have earned any exempt income. If the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is directed against the order passed by the Income Tax Appellate Tribunal, Ahmedabad Bench 'B', Ahmedabad dated 20th August, 2019 in the ITA No.3982/Mum/2018 for the A.Y. 201415. 2. The Revenue has proposed the following solitary substantial question of law for the consideration of this Court: Whether on the facts and circumstances of the case and in law, the Appellate Tribunal is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tax Rules in respect of any expenditure incurred for the aforesaid investment. The case of the assessee before the Assessing Officer was that the interest free funds were used for investing in equity shares and in such circumstances, no disallowance was required to be made under Section 14A read with Rule 8D of the Income Tax Rules. The assessee also declared that no exempt income had been claimed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y, 2018 in the case of Maxopp Investment Ltd. Vs. Commissioner of Income Tax, New Delhi Others. 6. The Revenue being dissatisfied with the order passed by the CIT(A) went in appeal before the Tribunal. 7. The Tribunal dismissed the appeal thereby affirming the order passed by the CIT(A). 8. In such circumstances, the Revenue is here before this Court with the present appeal. 9. We ta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me from payment of tax, the disallowance under Section 14A of the Act cannot be made. To attract the provisions of Section 14A of the Act, 1961, it is necessary that the assessee should have earned any exempt income. If the assessee has not earned an exempt income and has not claimed so in his return of income, then the provisions of Section 14A would not be applicable. 11. The concurring fi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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