9911796707
TMI Blog2019 (5) TMI 1734X X X X Extracts X X X X X X X X Extracts X X X X ..... arjit Singh, These two appeals filed by revenue for A.Y. 2014-15 & 2013-14, arise from order of the CIT(A)-1, Ahmedabad, in proceedings under section 143(3) of the Income Tax Act, 1961; in short "the Act". 2. Both the appeals of the revenue have been filed against the decision of ld. CIT(A) in deleting the disallowance made u/s. 14A of the act. Since the common solitary issue of disallowance u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... T Rule in respect of any expenditure incurred for the aforesaid investment. On query, the assesse has explained along with relevant detail that interest free funds were used for investing in equity shares, therefore, no disallowance was required to be made u/s. 14A r.w. Rule 8D of the IT Rules. The assessee has also explained that it has not made any claim for exemption of any income from payment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... axman.com 116. 5. We have heard both the issues and perused the material on record carefully. We have noticed that it is undisputed fact that assessee has not earned any exempt income during the year under consideration. Vide a number of judicial pronouncements the Co-ordinate Benches of the ITAT Ahmedabad have held that no disallowance shall be made under section 14A of the act if the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rt and the decision of the Co-ordinate Bench of the ITAT have been elaborated in the decision of the Ld. CIT(A) vide which similar issue on identical facts have been decided in favour of the assessee. We have also perused the judicial pronouncement in the case of CIT v Corrtech Energy (p) Ltd (2014) 45 taxmann.com.116 of Hon'ble High Court of Gujarat wherein it is held that in a case assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... decision of the Hon'ble jurisdictional High Court of Gujarat, we consider that the disallowance u/s. 14A r.w.s Rule 8D cannot be made as the assessee has not earned any exempt income. Accordingly, the appeal of the Revenue is dismissed. 6. In the result, the appeal ITA No. 2210/Ahd/2017 and 2211/Ahd/2017 filed by the revenue are dismissed. Order pronounced in the open court on 15-05-2019. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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