9911796707
TMI Blog2021 (1) TMI 1040X X X X Extracts X X X X X X X X Extracts X X X X ..... een taken by the Hon'ble Delhi High Court in CIT vs. Holcim India P. Ltd. [ 2014 (9) TMI 434 - DELHI HIGH COURT ]. The net effect of these decisions is that the disallowance u/s 14A gets restricted to the extent of exempt income, even if the provisions of the section are attracted. - Decided against revenue. - ITA No. 6534/Del/2017 - - - Dated:- 28-1-2021 - SHRI G. S. PANNU, VICE-PRESIDEN ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncome Tax Act is to be made even where taxpayer in a particular has not earned any exempt income. 3. That the appellant craves for the permission to add, delete or amend grounds of appeal before or at the time of hearing of appeal. 2. The facts of the case are that the assessee is engaged in carrying out the business of real estate development as stated in the Memorandum of Articles of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re than ₹ 4,30,621/-. Ld. DR has nothing to controvert. The Revenue preferred second statutory appeal before us against the order of the ld. CIT(A). 4. We have gone through the relevant record and the impugned order. As mentioned in the impugned order, it is not in dispute that the assessee had exempt income to the tune of ₹ 4,30,621/-. At the outset, the ld. AR argued that the pres ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at the disallowance made u/s 14A read with Rule 8D cannot exceed the exempt income in the absence of any such restriction being there in the relevant section or Rule? 5. The Hon'ble High Court did not admit the appeal of the Revenue by holding that the aforesaid question is not a substantial question of law. Accordingly, the appeal of the Department was dismissed. 6. We find that ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
