9911796707
TMI Blog2023 (1) TMI 1285X X X X Extracts X X X X X X X X Extracts X X X X ..... re unable to see any valid reason to interfere with the findings arrived at by the Ld. CIT(A), therefore we uphold the same. Until unless the issue is adjudicated at the level of Hon ble Supreme Court modifying of setting aside the orders of judgments of Hon ble High Court all authorities below to the High Court s including this Tribunal is duty bound to follow the propositions rendered by Hon ble High Court therefore we are inclined to hold that the Ld. CIT(A) was right in granting relief to the assessee by following the proposition rendered by various High Court s including judgment of Hon ble Delhi High Court in the case of Cheminvest vs. CIT (supra). Consequently ground of revenue being devoid of merit is dismissed. - SHRI CHAND ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vestment in shares. 3 Whether or not on the facts and in the circumstances of the case the Ld.CIT(A) is justified in ignoring the circular no 5 of 2014 dated 11.02.2014 issued by CBDT, which is intended to cover even those situations where there is a possibility of exempt income being earned in future. The circular, at paragraph 4, states that it is not necessary for exempt income to have been included in the income of particular year for disallowance to be triggered. 4 In the case of Pr.CIT vs Karnatka State Financial corporation (2022)137 taxmann.com 195(Supreme court), Notice has been issued in SLP filed against order of High Court wherein HC held that provision of Section 14A is relatable to earning of actual income and only ex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as not claimed any exempt income. Ld. CIT(A) after considering the written submissions of the assessee has granted relief to the assessee by following judgement of Hon ble Delhi High Court in the case of Cheminvest Ltd. vs. CIT (supra) where Their Lordship categorically held that section 14A will not apply if no exempt income is received or receivable during the relevant previous year by the assessee. In view of above we are unable to see any valid reason to interfere with the findings arrived at by the Ld. CIT(A), therefore we uphold the same. The sole contention of the revenue is that the Hon ble Supreme Court has issued notices in the cases of PCIT vs. Adani Wilmar Ltd(2021) 133 taxmann.com 444 Ltd against the order of Hon ble High Court ..... X X X X Extracts X X X X X X X X Extracts X X X X
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