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TMI Blog2022 (10) TMI 300X X X X Extracts X X X X X X X X Extracts X X X X ..... for the purpose of disallowing any expenditure incurred in relation to the said income. In other words, Section 14A will not apply if no exempt income is received or receivable during the relevant previous year. This Court in Pr. Commissioner of Income Tax (Central)-2 Vs. M/s Era Infrastructure (India) Ltd. . [ 2022 (7) TMI 1093 - DELHI HIGH COURT] has dealt with the issue of amendment made by the Finance Act, 2022 to Section 14A of the Act held that the amendment of Section 14A, which is for removal of doubts cannot be presumed to be retrospective even where such language is used, if it alters or changes the law as it earlier stood. - No substantial question of law. X X X X Extracts X X X X X X X X Extracts X X X X ..... 14. 7. A perusal of the paper book reveals that the authorities below have given concurrent finding of fact that the assessee did not earn any exempt income during the year under consideration. The relevant extract of the ITAT order is reproduced hereinbelow:- "76. The facts qua the disallowance are that the assessee submitted before the Assessing Officer that no dividend income was earned by the assessee during the relevant year, thus no disallowance was called for but the Assessing Officer rejected the contention of the assessee and invoking section 14A of the Act read with Rule 8D of Income-tax Rules, 1962 (in short 'the Rules') made disallowance of Rs.10,07,34,000/-. xxx xxx xxx 81. Before us, there is no dispute on the fact that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r. 9. Furthermore, this Court in Pr. Commissioner of Income Tax (Central)-2 Vs. M/s Era Infrastructure (India) Ltd. in ITA No.204/2022 vide judgment and order dated 20th July, 2022 has dealt with the issue of amendment made by the Finance Act, 2022 to Section 14A of the Act. The relevant portion of the said judgment is reproduced hereinbelow: "8. Consequently, this Court is of the view that the amendment of Section 14A, which is "for removal of doubts" cannot be presumed to be retrospective even where such language is used, if it alters or changes the law as it earlier stood." 10. Consequently, this Court is of the view that no substantial question of law arises for consideration in the present appeal. Accordingly, the same is dismissed ..... X X X X Extracts X X X X X X X X Extracts X X X X
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