2022 (12) TMI 538

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....ce with Rule 8D of the IT Rules of Rs.1,90,22,356/-. 2. The appellant craves leave for reserving the right to amend, modify, alter, add or forego any ground(s) of appeal at any time before or during the hearing of this appeal." 3. From the appeal record, we note that the notice issued for the date of hearing 20.01.2022 was served on the assessee, but, none appeared. Notice was also issued to the assessee for today's hearing to the same address. When the case was called for hearing, neither the assessee nor any authorized representative appeared nor any adjournment application has been filed. However, on perusal of the appeal record and brief submissions of the ld. Sr. DR on behalf of the Department, we find that this appeal can be adju....

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....s Account (included in one) which is exempt'. The profit & loss account reveals the income of Rs.355 lacs under the head 'Other Income' and the other income consists of the following income : 20 Other Income Figures in Crores On bank deposits Rs. 15.88 On income tax refund -Credit balances written back Rs.296.50 Miscellaneous income Rs. 42.62 Total Rs.355.00 8.2 I have considered the facts of the case and submission of the Appellant. If the Assessee did not earn any exempt income during the year under consideration, no disallowance was called for in view of the decision of the Hon'ble Supreme Court in the case of Maxopp Investment Ltd. vs. CIT dated 12.02.2018 : "34) Having clarified the aforesaid position, the first an....

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....total income under the Act". It means that if an income does not form part of total income, then the related expenditure is outside the ambit of the applicability of section 14A.. xxx xxx xxx The theory of apportionment of expenditure between taxable and non-taxable has, in principle, been now widened under section 14A." 8.3 Earlier the Hon'ble Delhi High Court in the case of CIT vs. Holcim India Pvt. Ltd. (ITA No. 486/2014) held that no disallowance u/s 14A can be made if the assessee has not declared any exempt income. 8.4 The reliance is also placed on the decision of Cheminvest Ltd. vs. CIT, [2015] 61 taxmann.com 118 (Delhi), High Court of Delhi - "In the context of the facts enumerated the question framed was answered by....