TMI Blog2021 (7) TMI 670X X X X Extracts X X X X X X X X Extracts X X X X ..... had also relied on the decision rendered by the Hon'ble Delhi High Court in the case of Cheminvest Ltd. [ 2015 (9) TMI 238 - DELHI HIGH COURT] and Taikisha Engineering India Ltd. [ 2014 (12) TMI 482 - DELHI HIGH COURT] As before us, no fallacy in the findings of CIT(A) has been pointed out by the Revenue nor Revenue has placed on record any contrary binding decision in its support. In such a situation, we find no reason to interfere with the order of CIT(A), thus the grounds of Revenue are dismissed. - ITA No. 2302/Del/2018 - - - Dated:- 8-7-2021 - Anil Chaturvedi, Member (A) And Sudhanshu Srivastava, Member (J) For the Appellant : Sunita Singh, CIT (DR) ORDER Per Anil Chaturvedi, AM This appeal filed by the Re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e incurred and earning of exempt income? 4. Whether the CIT(A) is correct in not upholding disallowance u/s. 14A of the Act without considering legislative intent of introducing section 14A by the Finance Act, 2001 as clarified by CBDT Circular No. 5/2014 dated : 10.02.2014? 5. Whether the CIT(A) is legally justified in not upholding disallowance u/s. 14A of the Act without considering a legal principle that allowability/disallowability of expenditure under the Act is not conditional upon the earning of the income as upheld by Hon'ble Supreme Court in case of CIT vs. Rajendra Prasad Moody [1978] 115 ITR 519? 6. The appellant craves leave, to add, alter or amend any ground of appeal raised above at the time of the hearin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d any exempt income in the form of dividend from the investments and that the investment were made out interest free funds. He supported his decision by relying on the decision of Hon'ble Delhi High Court in the case of Cheminvest Ltd. vs. CIT [TS-5469-HC-2015 (DELHI)-O] and CIT vs. Taikisha Engineering India Ltd., (ITA No. 115/2014) wherein it was held that in the absence of exempt income during the year, no disallowance u/s. 14A could be made. Aggrieved by the order of CIT(A), Revenue is now before us. 6. Before us, Learned DR supported the order of AO. 7. We have heard the Learned DR and perused the materials on record. We find that CIT(A) deleted the addition made by AO u/s. 14A by observing the fact that no dividend income ha ..... X X X X Extracts X X X X X X X X Extracts X X X X
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