2022 (10) TMI 300

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.... Sr. Standing Counsel with Mr. Vipul Agrawal and Mr.Parth Semwal, Jr.Standing Counsel. Respondent Through: None. J U D G M E N T CM APPL.43156/2022 1. Keeping in view the averments in the application, the delay in refiling the appeal is condoned. 2. Accordingly, the application stands disposed of. ITA 380/2022 3. Present Income Tax Appeal has been filed challenging the Impugned Order dated ....

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....her states that the ITAT has erred in deleting the disallowance under Section 14A of the Act without considering the legislative intent of Section 14A of the Act which has been further clarified by CBDT Circular No.5/2014 dated 11th February, 2014. 7. A perusal of the paper book reveals that the authorities below have given concurrent finding of fact that the assessee did not earn any exempt inco....

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....ade in terms of section 14A of the Act in the case of the assessee as no exempt income is received or receivable during the relevant year. Accordingly, we allow the ground No.1 of the appeal of the assessee and dismiss the ground No. 5 of the appeal of the Revenue. 82. The ground No. 2 of the appeal of the assessee is regarding adding the amount of disallowance made under section 14A of the Act ....

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....ion 14A will not apply if no exempt income is received or receivable during the relevant previous year. 9. Furthermore, this Court in Pr. Commissioner of Income Tax (Central)-2 Vs. M/s Era Infrastructure (India) Ltd. in ITA No.204/2022 vide judgment and order dated 20th July, 2022 has dealt with the issue of amendment made by the Finance Act, 2022 to Section 14A of the Act. The relevant portion o....