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TMI Blog2023 (7) TMI 378X X X X Extracts X X X X X X X X Extracts X X X X ..... ld that sec 14A would not be applicable if no exempt income was received or receivable during the previous year. Also see Era Infrastructure India Limited [ 2022 (7) TMI 1093 - DELHI HIGH COURT] - Decided in favour of assessee. - ITA No. 2002/Del/2022 - - - Dated:- 7-7-2023 - Sh. N. K. Billaiya, Accountant Member And Ms. Astha Chandra, Judicial Member For the Appellant : Sh. V.K. Jain, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd income/exempt income earned, which is exempt from tax then no disallowance is called for. The same view has been held by Madras High Court in the case of CIT vs Chettinad Electronics and Logistics Pvt Ltd and SPL of Revenue has been dismissed by the Hon ble Apex Court. 3. That in the Finance Act, 2022 Explanation to Section 14A inserted and in Memorandum Regarding delegated legislation, it ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... involved in the business of manufacturing of Ferro alloys and trading of steel and other allied products. 4. During the course of the scrutiny assessment proceedings and on perusal of the balance sheet the AO noticed that the assessee has shown noncurrent investments in non convertible cumulative redeemable preference shares. The AO further observed that to earn exempt income, the assessee com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mpt income. The Hon ble High Court of Delhi in the case of Delhi International Airport Private Limited 291 taxmann 490 has held that s. 14A would not be applicable if no exempt income was received or receivable during the previous year. Similar view was taken by the Hon ble High Court of Delhi in the case of Era Infrastructure India Limited 141 taxmann.com 289. 10. Respectfully following the bi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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