TMI Blog2022 (12) TMI 81X X X X Extracts X X X X X X X X Extracts X X X X ..... it has been held that the expression 'does not form part of the total income' in Section 14A of the Act means that there should be an actual receipt of income which is not includible in the total income, during the relevant previous year for the purpose of disallowing any expenditure incurred in relation to the said income. In other words, Section 14A will not apply if no exempt income is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ./2016 for Assessment Year 2012-13. 2. Learned counsel for the appellant states that the ITAT has erred in deleting the addition of Rs.4.65 crores made by the assessing officer under Section 14A of the Income Tax Act, 1961 ( the Act ). He states that the ITAT has erred in holding that no disallowance can be made under Section 14A of the Act read with Rule 8D of the Income Tax Rule, 1962 in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he CIT(A), therefore, following the decision of Hon ble Delhi High Court in the case of Cheminvest Limited (supra), we hold that no disallowance u/s. 14A r/w. Rule 8D is called for when the assessee has not received any dividend income during the year. The order of the CIT(A) is accordingly upheld and ground raised by the revenue is dismissed. (emphasis supplied) 4. This Court is of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Finance Act, 2022 to Section 14A of the Act. The relevant portion of the said judgment is reproduced hereinbelow: 8. Consequently, this Court is of the view that the amendment of Section 14A, which is for removal of doubts cannot be presumed to be retrospective even where such language is used, if it alters or changes the law as it earlier stood. 6. Accordingly, this Court is of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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