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TMI Blog2019 (2) TMI 1457X X X X Extracts X X X X X X X X Extracts X X X X ..... uring the year under consideration. The Tribunal, therefore, followed the decision of Delhi High Court in case of CIT Vs. Holcim India (Pvt.) Ltd. (2014 (9) TMI 434 - DELHI HIGH COURT) as ruled that when there is no exempt income earned by the assessee, no disallowance under Section 14A of the Act can be made. X X X X Extracts X X X X X X X X Extracts X X X X ..... to be produced when sought for by the Court. 3. Learned Counsel appearing for the respondent waives service. 4. We notice that the Revenue has raised additional question, which reads as under :" On the facts and in the circumstance of the case and in law, the Tribunal erred in allowing 14A Rule 8D since the Revenue has not accepted the decision of Delhi High Court in the case of Chem Investme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rivian International (P) Ltd., by order dated 21.11.217, following the judgment of Delhi High Court in case of Holcim India (P) Ltd. (supra), has adopted the same principle making following observations : "3. We have given careful consideration to the submissions. On facts, it appears from the impugned judgment that the assessee had made investment in shares of closely held companies which did n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... free income, the corresponding expenditure incurred cannot be taken into consideration for disallowance. 4. We respectfully concur with the view taken by the Delhi High Court as the said view can always be taken on fair reading of Section 14A of the Said Act. A Division Bench of Allahabad High Court has also taken a similar view in the case of Commissioner of Income Tax V. Shivam Motors (P) Ltd ..... X X X X Extracts X X X X X X X X Extracts X X X X
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