2019 (4) TMI 970

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..... judgment of this Court in Principal Commissioner of Income Tax-I, Chandigarh v. M/s Vardhman Chemtech Private Limited, Chandigarh - [ 2018 (10) TMI 1037 - PUNJAB AND HARYANA HIGH COURT] wherein the appeal filed by the revenue against the deletion of disallowance of ₹ 40,28,526/- under Section 14A of the Act read with Rule 8D of the Rules, was dismissed. - ITA-213-2018 (O&M) - - - Dated .....

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..... can be made if there is no tax free income earned during the year ignoring the CBDT's Circular No. 5/2014 dated February 11, 2014 which states that disallowance of expenses for earning exempt income u/s 14A of the Income Tax Act, 1961 read with Rule 8D of the Income Tax Rules, 1962, would be attracted even if corresponding income has not been earned during the year? (ii) Whether the impugn .....

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..... ssed under Section 143(3) of the Act disallowed the expenditure amounting to ₹ 2,07,14,800/- and added to the income of the assessee. Feeling aggrieved, the assessee filed an appeal before the Commissioner of Income Tax (Appeals) [for brevity the CIT(A) ] challenging the addition of ₹ 2,07,14,800/- under Section 14A of the Act read with Rule 8D of the Income Tax Rules, 1962 (in short .....

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