2015 (4) TMI 1171

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.... Sr. DR ORDER R. S. Syal (Accountant Member) This appeal by the assessee is directed against the order passed by the CIT(A) on 10.4.2013 in relation to the assessment year 2009-10. 2. The only issue raised before us is against the confirmation of disallowance u/s 14A to the tune of Rs. 1,05,07,322/-. 3. Succinctly, the assessee earned exempt income amounting to Rs. 25,38,020/- from ....

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....nt Investment Pvt. Ltd. Vs. CIT, vide its judgment dated 25.2.2015, has held that the disallowance u/s 14A cannot exceed the amount of exempt income. The Hon'ble Delhi High Court in the case of CIT vs. Holcim India Pvt Ltd. (2014) 90 CCH 081-DEL-HC, has held that there can be no disallowance u/s 14A in the absence of any exempt income. The rationale behind these judgments is that the amount of dis....