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TMI Blog2022 (9) TMI 977X X X X Extracts X X X X X X X X Extracts X X X X ..... 2014-15 is directed against the order passed u/s. 250 of the Income-tax Act, 1961 ( hereinafter referred to as 'the Act' ) dt. 13-04-2022 of ld. Commissioner of Income-tax ( in short hereinafter referred to as the ld. CIT(Appeals), National Faceless Appeal Centre (NFAC), Delhi, which is arising out of assessment order dt. 24-01-2017 passed u/s. 143(3) of the Income-tax Act, 1961 ( hereinafter ref ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ces of the case of the Appellant company and in accordance with legal position enunciated by decisions of various High Courts in this regard that income u/s. 14A of the Act is to be restricted to the amount of exempt income claimed u/s 10(34) of the Act is a good law in the present assessment year under consideration. That the CIT(A) erred in confirming the disallowance made by the Ld AO for an am ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be disallowed U/s 14A, however the Ld CIT (A) has not considered and adjudicated on this ground. 4.The AO was not empowered to invoke the provisions contained under section 14A read with Rule 8D in a mechanical manner without recording his satisfaction that working given by assessee company is not correct therefore disallowance made by the AO and confirmed by the Id. CIT CA) on the basis of in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wn by the Hon'ble High Court of Delhi in the case of PCIT Vs. M/s. Era Infrastructure (I) Ltd in ITA 204/2022 dt. 20-07-2022 that no disallowance is to be made u/s. 14A of the Act in case the assessee has not earned any tax free income/exempt income during the year from such investments made by it. This ratio has also been followed by the Tribunal in the case Babul Fiscal Services P.Ltd in ITA No. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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