2018 (2) TMI 164

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.... For the Department : Ms Alka Gautam, Sr. DR ORDER PER R.S. SYAL, VP: This appeal filed by the Revenue and the Cross Objection by the assessee arise out of the order passed by the CIT(A) on 24.10.2016 in relation to the assessment year 2013-14. 2. The only issue raised by the Revenue in its appeal is against deletion of the disallowance of Rs. 1,08,61,430/- made by the Assessing Offic....

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....uted disallowance at Rs. 1,08,67,661/-. Here it is pertinent to mention that the assessee had incurred only an expenditure of Rs. 6,230/- during the year, being payment of audit fees etc., which was shown as loss. The disallowance of Rs. 1.08 crore was added to the declared loss of Rs. 6,230/- . The ld. CIT(A) deleted the disallowance by observing that the assessee had not earned any exempt income....

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....view of these binding precedents providing for not making any disallowance u/s 14A in the absence of any exempt income, which are squarely applicable to the facts of the instant case, we uphold the view taken by the ld. CIT(A) on this issue. 5. The assessee's Cross Objection assails the view point of the ld. CIT(A) on certain aspects of the disallowance u/s 14A. Since such disallowance has been....