2015 (6) TMI 1168

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....DER This appeal by the assessee is directed against the order passed by the CIT(A) on 1.11.2013 in relation to the Assessment Year 2009-10. 2. Briefly stated, the facts of the case are that the Assessing Officer (AO), during the course of assessment proceedings, required the assessee to file details with reference to disallowance u/s 14A of the Income-tax Act, 1961 (hereinafter also called '....

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....t been rebutted by the AO. Despite that, the AO proceeded to compute disallowance u/s 14A read with Rule 8D. In the absence of any exempt income, there can be no disallowance u/s 14A. The Hon'ble jurisdictional High Court in CIT vs. Holcim India Pvt. Ltd. (2014) 90 CCH 081 Del-HC, has held that no disallowance u/s 14A can be made in the absence of any exempt income. In Joint Investments Pvt. Ltd. ....