No exempt income is received or receivable- No disallowance u/s 14A

PCIT Vs Ballarpur Industries Limited (Bombay High Court) By this income tax appeal, the appellant–Department challenges the orders of the Commissioner of Income Tax and the Income Tax Appellate Tribunal, Nagpur. On hearing the learned Counsel for the Department and on a perusal of the impugned orders, it appears that both the Authorities have recorded a clear finding of fact that there was no exempt income earned by the assessee. While holding so, the Authorities relied on the judgement of the Delhi High Court in Income Tax Appeal No. 749/2014, which holds that the expression “does not for...