https://www.taxtmi.com/caselaws?id=310671 The Tribunal upheld the order of the CIT (Appeals) deleting the disallowance under section 14A read with Rule 8D for the Assessment Year 2015-16, as the assessee did not receive any exempt income during that year. The Tribunal followed the Delhi HC's decision in Cheminvest Ltd. vs. CIT, emphasizing that amendments to section 14A are not presumed retrospective without explicit clarification. The Revenue's appeal was dismissed, affirming that the applicability of disallowance under section 14A depends on the presence of exempt income, aligning with judicial precedents. en-us Mon, 05 Sep 2022 00:00:00 +0530 Mon, 06 Nov 2023 10:37:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310671 The Tribunal upheld the order of the CIT (Appeals) deleting the disallowance under section 14A read with Rule 8D for the Assessment Year 2015-16, as the assessee did not receive any exempt income during that year. The Tribunal followed the Delhi HC's decision in Cheminvest Ltd. vs. CIT, emphasizing that amendments to section 14A are not presumed retrospective without explicit clarification. The Revenue's appeal was dismissed, affirming that the applicability of disallowance under section 14A depends on the presence of exempt income, aligning with judicial precedents. Case-Laws Income Tax Mon, 05 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310671