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TMI Blog2018 (5) TMI 1869X X X X Extracts X X X X X X X X Extracts X X X X ..... oard Circular No.5/2014 - HELD THAT:- As in case of ACB India Ltd vs. Asstt. CIT [2015 (4) TMI 224 - DELHI HIGH COURT] clearly held that the disallowance u/s 14A cannot exceed the exempt income earned by the assessee. In similar cases, the Coordinate Benches of this Tribunal have been following the decisions of various High Courts to the effect that when there is no exempt income, there cannot be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5/2014. 2. Brief facts of the case are that the assessee company, engaged in the business of trading of commercial vehicles and cars, sale of spare parts & lubricants and earning of rental income and commission, filed its return of income for the A.Y 2011-12 on 29.09.2011 admitting total income of ₹ 15,61,39,180. During the assessment proceedings u/s 143(3) of the Act, the AO observed from ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in (2015) 62 Taxmann.com 71(Del.). Against the relief granted by the CIT (A), the Revenue is in appeal before us. 3. The learned DR supported the order of the AO and also placed reliance upon the decision of the Coordinate Bench of the Tribunal at ITAT Amritsar in the case of Lally Motors India (P) Ltd vs. Pr. CIT reported in (2018) 93 Taxmann.com 39 (Amritsar - Trib.) whereas the learned Counse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t (Supra), wherein it has been clearly held that the disallowance u/s 14A cannot exceed the exempt income earned by the assessee. In similar cases, the Coordinate Benches of this Tribunal have been following the decisions of various High Courts to the effect that when there is no exempt income, there cannot be any disallowance u/s 14A of the Act and further that the disallowance u/s 14A cannot exc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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