2019 (2) TMI 731

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..... exempt from tax. However, in our opinion, the ratio of the above noted decisions in the cases of Cheminvest Ltd [2015 (9) TMI 238 - DELHI HIGH COURT] and Holcim India (P) Ltd. [2014 (9) TMI 434 - DELHI HIGH COURT] would include a facet where the assessee's income exempt from tax is not NIL but has earned exempt income which is larger than the expenditure incurred by the assessee in order to ea .....

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..... as it ignored the disallowance computed by the auditors of the assessee which was in accordance with the section 14A of the Income Tax read with Rule 8D of the Act? 2. The respondent assessee is a limited company. In the return of income filed for Assessment Year 200910, the question of making disallowance to the expenditure claimed by the assessee in terms of Section 14A of the Income Tax Ac .....

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..... of the expenditure under Section 14A of the Act read with Rule 8D of the Rules, wsould not arise. 4. Having heard learned Counsel for the parties and perused documents on record, we notice that in Cheminvest Ltd. (supra) Delhi High Court had referred to and relied upon its earlier decision in the case of CIT Vs. Holcim India (P) Ltd . (I.T.A. No. 486 of 2014, decided on 5th September 2014) .....

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