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TMI Blog2023 (6) TMI 575X X X X Extracts X X X X X X X X Extracts X X X X ..... sion of the Hon'ble Delhi High Court in the case of PCIT vs. IL FS Energy Development Co. Ltd. [ 2017 (8) TMI 732 - DELHI HIGH COURT] analysed the same in the light of the decision in the case of Sedco Forex International Drill. Inc. vs. CIT [ 2005 (11) TMI 25 - SUPREME COURT] reiterated in M.M. Aqua Technologies Ltd. [ 2021 (8) TMI 520 - SUPREME COURT] and held that the amendment of section 14A of the Act which is for removal of doubt cannot be presumed to be retrospective even where such language is used, if it alters or changes law as it earlier stood. Thereupon the Hon'ble High Court followed the decision of IL FS Energy Development Co. Ltd., (supra) and concluded that no disallowance u/s 14A of the Act can be made if th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IMHA CHARY, JM: Aggrieved by the order dated 27/01/2023 passed by the learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi ( Ld. CIT(A) ), in the case of NCC Infrastructure Holdings Limited ( the assessee ) for the assessment year 2017-18, assessee preferred this appeal. 2. Brief facts of the case are that assessee is a company, filed its return of income for the assessment year 2017-18 on 30/10/2017 declaring loss of Rs. 2,76,89,21,681/- and book loss at Rs. 9,06,60,050/-. During the course of scrutiny, learned Assessing Officer found that the assessee incurred interest expense and at the same time it made investments to the tune of Rs. 4,96,16,65,412/- learned Assessing Officer inferred that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (P.) Ltd., (2022) 144 taxmann.com 80 (Delhi). 5. Learned DR submitted that the Tribunal at Hyderabad is not bound by the decisions of the Hon'ble Delhi High Court and the view taken by the learned CIT(A) legal and in accordance with the provisions of law and, therefore, the same cannot be justified. 6. We have gone through the record in the light of the submissions made on either side. There are no contrary findings of the authorities to the plea taken by the assessee that during the year under consideration, the assessee did not earn any exempt income. The basis for making the addition that the assessee incurred interest expenditure in respect of the amounts that were used for making investment also. In that process, learned CIT( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arify that the orders passed in the case of Era Infrastructure (India) Ltd., (supra) shall abide by the final decision of the Hon'ble Supreme Court in the SLP filed in the case of IL FS Energy Development Co. Ltd., (supra). The decision in Era Infrastructure (India) Ltd., (supra) was followed by the Hon'ble Delhi High Court in the case of Delhi International Airport (P.) Ltd., (supra). 9. We are not in agreement with the submissions made on behalf of the Revenue that since the Tribunal at Hyderabad is not bound by the decisions of the other Hon'ble High Courts, the findings of the learned CIT(A) following the provisions of law has to be upheld. It is pertinent to note that learned CIT(A) himself followed the decision of the G ..... X X X X Extracts X X X X X X X X Extracts X X X X
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