2022 (8) TMI 1486

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....nding Counsel and Mr.Nikhil Jain, Advocate. For the Respondent : Mr.Rahul Yadav, Advocate. JUDGMENT MANMOHAN, J: (ORAL) 1. Present Income Tax Appeal has been filed challenging the Order dated 16th July, 2021 passed by the Income Tax Appellate Tribunal ('ITAT') in ITA No.3609/Del/2017 for the Assessment Year 2011-12. 2. Learned counsel for the Appellant states that the ITAT has erred in de....

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.... debited in the profit and loss account of the relevant year. 5. A perusal of the paperbook reveals that the authorities below have given concurrent finding of fact that the assessee did not earn any exempt income during the year under consideration. Consequently, the present case is covered by the judgment of this Court in Cheminvest Ltd. vs. CIT, [2015] 61 Taxmann.com 118 (Delhi), wherein this ....

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....sequently, this Court is of the view that the amendment of Section 14A, which is "for removal of doubts" cannot be presumed to be retrospective even where such language is used, if it alters or changes the law as it earlier stood." 7. This Court also finds that ITAT and CIT(A) have given concurrent finding of fact on the issue relating to prior period expenses. The relevant portion of the impugne....