2020 (2) TMI 489

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....upam Dighe a/w Ms. Chandani Tanna i/by India Law Alliance for the Respondent P.C.: 1. Heard Mr. Suresh Kumar, learned standing counsel, revenue for the appellant and Mr. Dighe, learned counsel for the respondent - assessee. 2. This appeal under Section 260A of the Income Tax Act, 1961 ("the Act" for short) has been preferred by the revenue against the order dated 5.1.2017 passed by the In....

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....al is justified in deleting the disallowance u/S. 14A of the Act for the reason that no dividend income has been earned by ignoring the provisions of CBDT Circular No. 5/2014 dated 11.2.2014 wherein, it has been clarified that the Rule 8D r/w Section 14A provides for the disallowance of expenditure even where the assessee in particular has not earned exempt income? (c) Whether on the fact....

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....-section (1), for the purpose of computing the total income under the said Chapter, no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income which does not form part of the total income under the Act. 5.1. Admittedly, in the present case, stand of the department is that the expression 'includible' appearing in heading of Section 14A would me....

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....Court in Income Tax Appeal No. 266 of 2017 (Pr. Commissioner of Income Tax -3 Vs. M/s. India Debt Management Pvt Ltd), decided on 15.4.2019, in the following terms:- "The issue is no longer res-intigra. The facts are that the assessee had not earned any exempt income during the year under consideration. As held earlier by Delhi High Court which judgment is also followed repeatedly by our ....