Case Law Details
ACIT Vs Him Urja Pvt. Ltd. (ITAT Delhi)
The assessee has also submitted before the Ld. CIT(A) that as there was no exempt income earned by assessee during the relevant previous year, no disallowance under section 14A could be made. The assessee relied upon Judgment of the Hon’ble Delhi High Court in the case of Chemnivest Ltd., vs., CIT-IV 61 taxmann.com 118 (Del.).
After considering the rival submissions, we are of the view that the Departmental appeal has no merit. It is an undisputed fact that assessee has not received any dividend income during the year which fact is also mentioned by the A.O. in the assessment order. Therefore, the issue is covered in favour of the assessee by the Judgment of the Hon’ble Delhi High Court in the case of Chemnivest Ltd., vs., CIT-IV (supra). Thus, Departmental appeal has no merit and the same is accordingly dismissed.
FULL TEXT OF THE ITAT JUDGEMENT
This appeal by Revenue has been directed against the Order of the Ld. CIT(A)-35, New Delhi, Dated 05.10.2017, for the A.Y. 2013-2014, challenging the Order of the Ld. CIT(A) in deleting the addition of Rs.3,05,66,905/-made by A.O. on account of disallowance made under section 14A of the I.T. Act, 1961 read with Rule 8D(2)(iii) of I.T. Rules, 1962.
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