Case Law Details
DCIT Vs Asset Auto India Pvt. Ltd (ITAT Mumbai)
The fact remains that no exempt income was earned by the assessee during the year under consideration. The Ld. CIT(A) has rightly followed the judgement of the Hon’ble Delhi High Court in Holcim India (P.) Ltd (supra).; IL & FS Energy Development Company Ltd (supra), where it has been held that there can be no disallowance under section 14A in the absence of exempt income.
The Ld. CIT(A) has rightly referred to the SLP dismissed by the Hon’ble Supreme Court against the order of the Hon’ble Madras High Court in CIT v. Chettinad Logistics (P.) Ltd., [2017] 80 taxmann.com 221 (Mad.), wherein it is held that section 14A cannot be invoked where no exempt income was earned by the assessee in the relevant assessment year.
In view of the above position of the law, we uphold the order of the Ld. CIT(A).
FULL TEXT OF THE ITAT JUDGEMENT
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