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TMI Blog2016 (4) TMI 1271X X X X Extracts X X X X X X X X Extracts X X X X ..... wance u/s 14A can be made where there is no exempt income. In view of the above, the assessee’s appeals for all the years are allowed and the Revenue’s appeal is dismissed. See Cheminvest Ltd. Vs. ITO [2009 (8) TMI 126 - ITAT DELHI-B]. - ITA Nos. 1145/Del/2013, 1146/Del/2013, 1147/Del/2013, 1148/Del/2013 & 1149/Del/2013, ITA No. 1275/Del/2013 - - - Dated:- 27-4-2016 - G. D. Agrawal (Vice Presid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... At the time of hearing before us, learned counsel for the assessee stated that no dividend income was received by the assessee in any of the years under appeal and, therefore, since there was no exempt income, there cannot be any disallowance u/s 14A. In support of this contention, he relied upon the decision of Hon'ble Jurisdictional High Court in the case of Cheminvest Limited Vs. CIT-VI vid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reversed by Hon'ble Jurisdictional High Court in the case of Cheminvest Limited (supra), wherein their Lordships held as under:- 23. In the context of the facts enumerated hereinbefore the Court answers the question framed by holding that the expression does not form part of the total income in Section 14A of the envisages that there should be an actual receipt of income, which is not i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f ITAT relied upon by the Assessing Officer has been reversed by Hon'ble Jurisdictional High Court, we, respectfully following the decision of Hon'ble Jurisdictional High Court, hold that no disallowance u/s 14A can be made where there is no exempt income. In view of the above, the assessee s appeals for all the years are allowed and the Revenue s appeal is dismissed. 7. In the result, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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