2024 (10) TMI 1207

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....RANA KANTA SHARMA For the Appellant Through: Mr. Ruchir Bhatia, SSC with Mr. Anant Mann, JSC, Mr. Abhishek Anand and Mr. Pranjal Singh, Advocates For the Respondent Through: Mr. Aditya Vohra and Mr. Shashvat Dhamija, Advocates VIBHU BAKHRU, J. (ORAL) 1. The Revenue has filed the present appeal impugning an order dated 02.01.2024 passed by the learned Income Tax Appellate Tribunal (here....

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....enditure under Section 14A of the Income Tax Act, 1961 (hereafter the Act). The AO had disallowed a part of the expenditure proportionate to the average investments made by the assessee on the assumption that the investments were made for yielding income that was not chargeable to tax. 3. It is the assessee's case that there could be no disallowance of expenditure for the reason that no part of....

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....s and circumstances of the case, the Ld. ITAT is right in deleting the addition of Rs.6,13,17,433/- on account of disallowance under section 14A of the Act, ignoring the fact that Act is very clear & unambiguous in the issue of disallowance under section 14A even if no exempt income is earned by the Assessee? 2.3 Whether on the facts and circumstances of the case, the order passed by Ld. ....

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....said explanation is set out below: "Explanation.--For the removal of doubts, it is hereby clarified that notwithstanding anything to the contrary contained in this Act, the provisions of this section shall apply and shall be deemed to have always applied in a case where the income, not forming part of the total income under this Act, has not accrued or arisen or has not been received duri....