Case Law Details
JCIT Vs Reliance Life Sciences Pvt. Ltd. (ITAT Mumbai)
We agree with the submissions of the Ld. Counsel for the assessee that since assessee has not earned any exempt income and therefore no disallowance is warranted u/s. 14A of the Act. In the case of Joint Investments Pvt. Ltd. v. CIT [372 ITR 694] the Hon’ble Delhi High Court held that the disallowance u/s. 14A of the Act should not exceed the exempt income. The Revenue filed SLP against this decision and the Hon’ble Supreme Court dismissed the SLP filed by the Revenue. Similar view has been taken by the Hon’ble Delhi High Court in the case of Cheminvest Limited v. CIT [378 ITR 33]
FULL TEXT OF THE ORDER OF ITAT MUMBAI
The captioned appeal has been filed by the Revenue challenging the impugned order dated 27th February 2019, passed by the learned Commissioner (Appeals)–57, Mumbai, pertaining to the assessment year 2014–15.
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