2017 (10) TMI 1447

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....NAPURNA GUPTA, A.M. : This appeal filed by the Revenue has been preferred against the order passed by the Ld. Commissioner of Income Tax (Appeals) -5, Ludhiana (hereinafter referred to as 'CIT(Appeals)') dated 6.1.2017 relating to assessment year 2013-14. 2. The only issue in the present appeal pertains to disallowance made u/s 14A of the Income Tax Act, 1961 (in short 'the Act'). 3. Briefly st....

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....ved by the same, the Revenue has come up in appeal before us, raising the following grounds: 1. That CIT(A) while holding that no disallowance u/s 14Acanbe made if there is no tax free income earned during the year, has erred by ignoring the CBDT circular no.5/2014 dated 1stFeb 2014 which states that disallowance of expense for earning exempt income u/s 14A read with rule 8D would be attracted e....

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....eld rule 8D as prospective upholding its constitutionality. 6. The Ld. counsel for assessee, on the other hand relied upon the order of the Ld.CIT(Appeals) . 7. We have heard both the parties. We find no infirmity in the order of the Ld.CIT (Appeals). The Ld. CIT (Appeals) has deleted the disallowance following the order of the I.T.A.T. in the case of the assessee itself for assessment year 2012....