2021 (9) TMI 1492

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..... from the computation of income filed in the paper book that no exempt income has been claimed by the assessee either in the return of income or in the computation of income. This fact has also been noted by AO, at the first page of the order. Once there is no exempt income, then there is no question of any disallowance u/s.14A, and therefore, in the case of Cheminvest Ltd [ 2015 (9) TMI 238 - D .....

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..... in equities, however, no expenses under the provision of Section 14A read with Rule 8D have been added back in the computation of income. One very important fact noted by the Assessing Officer that assessee in reply filed before the Assessing Officer had categorically stated that company had not claimed any exempt income, therefore, there is no question of any disallowance u/s.14A. However, ld. A .....

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..... ee either in the return of income or in the computation of income. This fact has also been noted by the ld. Assessing Officer, at the first page of the order. Once there is no exempt income, then there is no question of any disallowance u/s.14A, and therefore, in the light of the principle laid down by the Hon ble Delhi High Court in the case of Cheminvest Ltd. Vs. CIT (supra), no disallowance can .....

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