TMI Blog2023 (6) TMI 1276X X X X Extracts X X X X X X X X Extracts X X X X ..... in the case of PCIT Vs. Era Infrastructure (India) Ltd [ 2022 (7) TMI 1093 - DELHI HIGH COURT] wherein, it has been held that the aforesaid explanation inserted to Section 14A of the Act is applicable prospectively. Appeal of assessee allowed. - I.T.A No. 246/Kol/2023 - - - Dated:- 27-6-2023 - Shri Sanjay Garg, Judicial Member And Dr. Manish Borad, Accountant Member For the Appellant : ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rned any exempt income during the year. He in this respect has relied upon the following case laws: 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 the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... otwithstanding anything to the contrary contained in this Act, the provisions of this section shall apply and shall be deemed to have always applied in a case where the income, not forming part of the total income under this Act, has not accrued or arisen or has not been received during the previous year relevant to an assessment year and the expenditure has been incurred during the said previous ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ial hierarchy, the Hon ble Delhi High Court being a Higher Court, and as no decision of the Hon ble Jurisdictional High Court or Hon ble Supreme Court is available on this issue as yet, hence applying the said decision of the Hon ble Delhi High Court, we allow the appeal of the assessee. The additions made by the Assessing Officer u/s 14A of the Act stand deleted. 6. In the result, the appeal o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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