2024 (8) TMI 631

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..... disallowance u/s. 14A of the Act is not required to be made as per the decision of Era Infrastructure (India) Ltd[ 2022 (7) TMI 1093 - DELHI HIGH COURT] . Respectfully following the said decision, we set aside the order passed by the CIT(A) and direct the AO to delete the disallowance made u/s. 14A of the Act during the year under consideration. Appeal filed by the assessee is allowed. - Shri B .....

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..... . When questioned about the same, the assessee submitted that it has not received any exempt income and hence, disallowance u/s. 14A of the Act is not called for. The AO did not accept the above said contention of the assessee and accordingly, he computed the disallowance u/s. 14A of the Act by applying Rule 8D of the Income Tax Rules, 1962 ( the Rules ) at Rs. 26,83,414/-. 3. In the appellate pro .....

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..... the Ld.DR and perused the record. Since the assessee has not earned any exempt income during the year under consideration, the disallowance u/s. 14A of the Act is not required to be made as per the decision of the Hon ble Delhi High Court in the case of Era Infrastructure (India) Ltd., (supra). Respectfully following the said decision of the Hon ble Delhi High Court, we set aside the order passed .....

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