2017 (12) TMI 1749

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... : Smt. Padma Meenakshi, JCIT ORDER Sunil Kumar Yadav,    This appeal is preferred by the assessee against the order of CIT(Appeals)-7, Bengaluru, inter alia, on the following grounds: 1. That the order of the assessing officer in so far as it is against the appellant is against the law, facts, circumstances, natural justice, equity, without jurisdiction, bad in law and all other....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....inches the issue in favour of the appellant. 7. The appellant denies the liability for interest u/s 234B of the Act. Further prays that interest if any should be levied only on the returned income. 8. No opportunity has been given before levy of interest u/s 234B of the IT Act. 9. Without prejudice to the appellant's right of seeking waiver before appropriate authority the appellant b....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....w it is settled position of law that whenever assessee did not earn any exempt income, no disallowance could be made u/s. 14A of the Act. The Hon'ble Delhi High Court in the case of Cheminvest Ltd. v. CIT, 378 ITR 33 (Del) has categorically held that section 14A envisages that there should be actual receipt of income which was not includible in the total income during the relevant previous yea....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....levant assessment year ? The court referred to the decision of this court in Maxopp Investment Ltd. (supra) and to the decision of the Special Bench of the Income-tax Appellate Tribunal in this very case, i.e., Cheminvest Ltd. v. CIT [2009] 317 ITR (AT) 86 (Delhi) [SB]. The court also referred to three decisions of different High Courts which have decided the issue against Revenue. The first was t....