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TMI Blog2021 (2) TMI 340X X X X Extracts X X X X X X X X Extracts X X X X ..... he second limb of Section 14(2) which is impermissible. The Tribunal rightly took note of the decision in the case of Redington India Ltd. [ 2017 (1) TMI 318 - MADRAS HIGH COURT] wherein it was held that the provisions of Section 14A r.w.r 8D cannot be made applicable in vacuum i.e in the absence of exempt income. Therefore, we find that the Tribunal was right in deciding the issue against the Revenue and in favour of the assessee. - Tax Case Appeal No.485 of 2020 - - - Dated:- 5-1-2021 - T. S. SIVAGNANAM AND R. N. MANJULA, JJ. For Appellant: Mr.A.S.Sriraman For Respondent: Mr.M.Swaminathan Senior Standing Counsel JUDGMENT T. S. Sivagnanam, J. This appeal filed by the assessee, The Tamilnadu Road Development Co.Ltd., un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by invoking the provisions of Section 14A of the Act read with Rule 8D of the Income Tax Rules, 1962 (hereinafter referred to as the Rules ). This assessment order was put to challenge before the Commissioner of Income Tax (Appeals)-11, Chennai (CIT(A)), which was dismissed by order dated 29.06.2018 largely on the basis that the constitutional validity of Section 14A has been upheld by the Hon'ble Supreme Court in the case of M/s.Godrej Boyce Manufacturing Co. Ltd. (394 ITR 449)(SC.). Aggrieved by the same, the assessee preferred an appeal before the Tribunal which, by order dated 31.01.2019, dismissed the appeal. This order is impugned in the present appeal. 6. Before us, the assessee would contend that the Tribunal ought to hav ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the said Rules will have no applicability if there is no exempt income earned or received during the previous year though the disallowance is linked to expenditure incurred on investment fetching exempt income. The said case was decided in favour of the assessee and against the Revenue and in doing so, we have followed the decision of the Hon'ble Division Bench of this Court in the case of CIT Vs. Chettinad Logistics Pvt. Ltd. [reported in (2017) 80 Taxmann.com 221]. This decision would come to the aid and assistance of the assessee. ........ 28. In fact, an identical argument was raised for consideration before the Hon'ble Division Bench of this Court in the case of Chettinad Logistics Pvt. Ltd., and such a contention w ..... X X X X Extracts X X X X X X X X Extracts X X X X
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