Sec.14A-No disallowance where No exempt income

Brief of the Case ITAT Mumbai held in the case of M/s Krishna Knitwear Technologies Ltd. & M/s Krishna Lifestyle Technologies Ltd. vs. DCIT/ACIT that it is not in dispute that assessee has not earned any dividend income or any kind of exempt income from the investments made. The Hon’ble Delhi High Court in the case of Cheminvest Ltd. 378 ITR 33 has held that the decision of the Supreme Court in Rajendra Prasad Moody [1978] 115 ITR 519 was rendered in the context of allowability of deduction under Section 57(iii), where the expression used is ‘for the purpose of making or earning such i...