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of <h1>Appeal Dismissed on Tax-Exempt Income for A.Y. 2009-10</h1> The High Court dismissed the appeal regarding tax-exempt income for A.Y. 2009-10. The AO added back substantial amounts under Section 14A, but relief was ... Disallowance u/s 14A - disallowance exceeding the exempt income itself - Held that:- AO added back substantial amounts – in one case to the tune of ₹ 9.9 crores under Section 14A on the basis that huge amounts of borrowings, had been converted into equity holdings. CIT(A) and the ITAT granted relief – the latter by following the decision of this Court in CIT v. Joint Investment Pvt. Ltd. [2015 (3) TMI 155 - DELHI HIGH COURT]. In Joint Investment Pvt. Ltd. (supra), it was held that the disallowance u/s 14A should not exceed the exempt income itself. Having regard to these circumstances, especially that the ITAT followed the judgment of this Court which had settled this point of law, no question of law arises. The appeal is, therefore, dismissed. The High Court dismissed the appeal regarding tax-exempt income for A.Y. 2009-10. The AO added back substantial amounts under Section 14A, but relief was granted based on a previous court decision. The appeal was dismissed as no question of law arose.
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