Court dismisses Revenue's appeal on disallowance under Section 14A of Income Tax Act, citing precedent.

The High Court dismissed the Revenue's appeal against the ITAT's decision to set aside the disallowance under Section 14A of the Income Tax Act, 1961, amounting to Rs. 1,62,49,000. The court relied on the precedent set in Cheminvest Limited vs. Commissioner of Income Tax-VI, emphasizing that in the absence of exempt income, disallowance under Section 14A was not permissible.

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The High Court dismissed the Revenue's appeal challenging the ITAT's decision to set aside the disallowance of Rs. 1,62,49,000 under Section 14A of the Income Tax Act, 1961. The ITAT based its decision on the ruling in Cheminvest Limited vs. Commissioner of Income Tax-VI, stating that without any exempt income, disallowance under Section 14A was not allowed.

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