9911796707
TMI Blog2017 (3) TMI 1858X X X X Extracts X X X X X X X X Extracts X X X X ..... udgment of CHEMINVEST LIMITED [ 2015 (9) TMI 238 - DELHI HIGH COURT] have categorically held that where the assessee had not earned any taxable income in the relevant assessment year in question, then the corresponding expenditure could not be worked out for disallowance. Thus, no disallowance u/s. 14A of the Act can be made in the year in which no exempt income had been earned or received by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the order of the authorities below is based on surmises, conjectures, assumptions and presumptions and not based on facts emerging from records and hence requires to be vacated on this ground alone. 4. That the learned authorities below erred in making disallowance u/s 14A rwr 8D of the Act amounting to ₹ 2,32,85,216/-. 5. That the learned authorities below erred in not appreciating th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing of this appeal, the assessee requests that the appeal be allowed as prayed and justice be rendered. 2. Though various grounds are raised, but they all relate to the disallowance made u/s. 14A of the Income Tax Act, 1961 [ the Act ]. 3. During the course of hearing, the ld. counsel for the assessee has invited our attention to the fact that the assessee has not received any exempted divi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... u/s. 14A of the Act cannot be made. We have also examined the judgment of the Hon ble Delhi High Court in which Their Lordships have categorically held that where the assessee had not earned any taxable income in the relevant assessment year in question, then the corresponding expenditure could not be worked out for disallowance. Thus, no disallowance u/s. 14A of the Act can be made in the year in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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