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TMI Blog2021 (9) TMI 39X X X X Extracts X X X X X X X X Extracts X X X X ..... [ 2014 (9) TMI 434 - DELHI HIGH COURT] and Cheminvest Ltd. [ 2015 (9) TMI 238 - DELHI HIGH COURT] - Revenue has not brought any other contrary binding precedents by the Hon ble Jurisdictional High Court or Hon ble Supreme Court to our notice. Therefore, we do not see any infirmity in the finding of Ld.CIT(A), the same is hereby affirmed. - Decided against revenue. - ITA No. 3262/Del/2018 - - - Dated:- 31-8-2021 - SHRI KUL BHARAT, JUDICIAL MEMBER And SHRI ANADEE NATH MISSHRA, ACCOUNTANT MEMBER Appellant by : Sh. Mahesh Thakur, Sr.DR Respondent by : Sh. M.P.Rastogi, Adv. Sh. Rajeev, CA ORDER PER KUL BHARAT, JM : This appeal filed by the Revenue pertaining to assessment year 2014-15 is directed against the orde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A r.w. Rule 8D of the Rules can be made. Hence, the Assessing Officer made addition of ₹ 2,94,81,452/- and assessed taxable income of ₹ 6,59,691/- against the returned loss of ₹ 2,88,21,761/-. 4. Aggrieved against this, the assessee preferred appeal before Ld.CIT(A) who after considering the submissions, partly allowed the appeal of the assessee and deleted the addition made by the Assessing Officer by invoking the provision of section 14A r.w. Rule 8D of the Rules. 5. Aggrieved against this, the Revenue preferred appeal before this Tribunal. 5.1. Ld.Sr.DR supported the assessment order and submitted that Ld.CIT(A) was not justified in deleting the addition made by invoking the provision of section 14A of the Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Hon'ble Delhi High Court in the case of Cheminvest Ltd. VS. CIT - VI (ITA 749/2014) 234 Taxman 761 (Del) decided on 02.09.2015 has ruled that section 14A will not apply if no exempt income is received during the relevant previous year. The Hon'ble Court ruled as under: 23. In the context of the facts enumerated hereinbefore the Court answers the question framed by holding that the expression 'does not form part of the total income' in Section 14A of the envisages that there should be an actual receipt of income, which is not includible in the total income, during the relevant previous year for the purpose of disallowing any expenditure incurred in relation to the said income. In other words, Section 14A will not app ..... X X X X Extracts X X X X X X X X Extracts X X X X
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