TMI Blog2022 (11) TMI 1257X X X X Extracts X X X X X X X X Extracts X X X X ..... d towards tax exempted income - HELD THAT:- As held in many decisions where the assessee has not derived any tax exempt income from investments, then no disallowance is attracted u/s 14A of the Act. - Decided against revenue. - I.T.A. No.1888/Kol/2018 - - - Dated:- 24-11-2022 - Shri Sanjay Garg , Judicial Member And Shri Girish Agrawal , Accountant Member Shri G. Hukugha Sema , CIT , appeared on behalf of the appellant Shri Manish Tiwari , FCA , appeared on behalf of the respondent ORDER Per Sanjay Garg , Judicial Member : The present appeal has been preferred by the Revenue against the order dated 12.06.2018 of the Commissioner of Income Tax (Appeals)-2, Kolkata [hereinafter referred to as CIT(A) ] passed u/s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... remand report from the Assessing Officer on the basis of submissions made by the assessee before the CIT(A) and the ld. Assessing Officer after making necessary enquiries reported, based on the evidences and explanation, the criterion of establishing identity, creditworthiness and genuineness of the transaction is not doubted . The CIT(A) based on the remand report of the Assessing Officer deleted the impugned additions made by the Assessing Officer u/s 68 of the Act. 3. The ld. Counsel for the assessee has further relied upon the decision of the Hon ble Madras High Court in the case of Smt. B. Jayalakshmi vs. ACIT, Chennai reported in [2018] 96 taxmann.com 486 (Madras) wherein, the Hon ble High court has held that where Commissioner ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nditure incurred towards tax exempted income. 7. We find that the ld. CIT(A), in this case has deleted the disallowance made by the Assessing Officer by relying upon the following decisions of the various Hon ble High Courts of the country:- Cheminvest Ltd. vs. CIT 378 ITR 33 (Del). CIT vs. M/s. Holcim India Pvt. Ltd. in ITA no. 486/2014 and ITA no. 299/2014; Judgment dt. 5-9-2014 CIT v. Shivam Motors (P.) Ltd. [2015] 230 Taxman 63 CIT vs. Ashika Global Securities Ltd. (G.A. No. 2122 of 2014) dt. 11/06/2018 In these case laws, Hon ble High Courts have been unanimous to hold that where the assessee has not derived any tax exempt income from investments, then no disallowance is attracted u/s 14A of the Act. 8. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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