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TMI Blog2022 (10) TMI 497X X X X Extracts X X X X X X X X Extracts X X X X ..... Respondent Through: Mr. Mayank Nagi & Mr. Tarandeep Singh, Advocates. J U D G M E N T MANMOHAN, J (Oral): 1. Present Income Tax Appeal has been filed challenging the order dated 06th January, 2021 passed by the Income Tax Appellate Tribunal ('ITAT') in ITA No.7367/DEL./2017 for the Assessment Year ('AY') 2007-08. 2. Learned Counsel for the Appellant states that the expenditure incurred for e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xcluding the investment in OMIFCO-Oman. 3. This Court is of the opinion that in view of Section 14A(1), no deduction is to be allowed in respect of expenditure incurred by the assessee in relation to income which does not form part of the total income under the Act. As per Section 2(45) of the Act, "total income" means the total amount of income referred to in Section 5, computed in the manner la ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 349 ITR 618 (Delhi) has held that provisions of Section 14A are inapplicable as far as deductions, which are permissible and allowed under Chapter VIA are concerned. The relevant extract of the judgment is reproduced hereinbelow:- "32...Thus, the income on which the deduction is allowed forms a part of the total income, though not included in the amount or quantum on which tax is paid. ... 3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s subjected to tax. Thereafter, deduction is to be allowed in accordance with and subject to the fulfillment of the conditions of the respective provisions. This is also subject to Section 80AB and 80A(1) and (2). Chapter VI-A does not postulate or state that the incomes which qualify for the said deduction will be excluded and not form part of the total income. They form part of the total income ..... X X X X Extracts X X X X X X X X Extracts X X X X
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