2016 (4) TMI 1271

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....D. Agrawal (Vice President) And Sudhanshu Srivastava (Judicial Member) For the Assessee : Sanat Kapoor, Advocate and Divyanshu Agrawal, CA. For the Revenue : Ravi Jain, CIT-DR ORDER G. D. Agrawal (Vice President) These appeals by the assessee and the Revenue are directed against the order of learned CIT(A)-1, New Delhi dated 20th December, 2012. 2. In all these appeals, the common question i....

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....e ITA No.749/2014, order dated 2nd September, 2015. 4. Learned CIT-DR, on the other hand, relied upon the order of the Assessing Officer. 5. We have carefully considered the submissions of both the sides and perused the material placed before us. We find that the assessee contended before the Assessing Officer also that since there is no exempt income, no disallowance u/s 14A can be made. The As....

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....ble in the total income, during the relevant previous year for the purpose of disallowing any expenditure incurred in relation to the said income. In other words, Section 14A will not apply if no exempt income is received or receivable during the relevant previous year." 6. The Revenue has not disputed the fact that during the year under consideration, the assessee has no exempt income and, there....