2018 (9) TMI 1230

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....K.R.Vasudevan, Advocate. ORDER PER INTURI RAMA RAO, AM : This is an appeal filed by the revenue directed against the order of the learned Commissioner of Income-tax(Appeals)-3, [CIT(A)], Bengaluru, dated 27/10/2017 for the assessment year 2014-15. 1. Based on the facts and circumstances of the case, whether Ld. CIT(A) was correct in deleting the addition made u/s 14a relying on t....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....sing Officer at total income of Rs. 3,03,98,848/-. While doing so, the AO made disallowance of Rs. 43,95,75,001/- u/s 14A of the Act, rejecting the contention of the assessee that in the absence of any exempt income, no disallowance u/s 14A of the Income-tax Act, 1961 [hereinafter referred to as 'the Act' for short] can be made after placing reliance on the decision of the Delhi Bench of T....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....as justified in deleting the addition made u/s 14A on the ground that in the absence of any exempt income, resort cannot be made to the provisions of section 14A. The relevant observations of the ld.CIT(A) are as under: We find that the ratio of the decisions of the Hon'ble Delhi High Court in the cases cited supra still hold the field. There is nothing on record to show that the decisions had ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... FS Energy Development Company Ltd. [2017] 84 taxmann.com 186 (Delhi), wherein the Court observed as follows: "18. The CBDT Circular upon which extensive reliance is placed by Mr. Hossain does not refer to Rule 8D (1) of the Rules at all but only refers to the word "includible" occurring in the title to Rule 8D as well as the title to Section 14A. The Circular concludes that it is not....