2019 (2) TMI 731

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....enue is in appeal against the judgment of the Income Tax Appellate Tribunal ("the Tribunal" for short) raising following question for our consideration : "(i) Whether the order of the Tribunal is perverse in law as it ignored the disallowance computed by the auditors of the assessee which was in accordance with the section 14A of the Income Tax read with Rule 8D of the Act?" 2. The respondent a....

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....i High Court in case of Cheminvest Ltd. Vs. Commissioner of Income Tax, 378 ITR 33 in which it was held that when the assessee had not earned any income which was exempt from tax, the disallowance of the expenditure under Section 14A of the Act read with Rule 8D of the Rules, wsould not arise. 4. Having heard learned Counsel for the parties and perused documents on record, we notice that in Chemi....