2017 (12) TMI 1900

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....nue : Sh. Arun Kumar Yadav, Sr. DR ORDER PER K. NARSIMHA CHARY, J.M. These two appeals relating to the years 2012-13 and 2013- 14 are preferred by the Revenue challenging the deletion of addition made by the Assessing Officer by invoking Section 14A of the Income Tax Act, 1961 (for short called as the 'Act') read with Rule 8D of the Income Tax Rules, 1962 (for short "the Rules")by the Ld.....

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....14 and held that although the assessee company has not earned any exempt income during the year, disallowance is being made as the income as and when received would be exempted. In appeal Ld. CIT (A) while following the decision of the Hon'ble Jurisdictional High Court in Cheminvest Ltd. vs. CIT (2015) 378 ITR 33 (Del) held that if there is no exempt income there can be no question of making any d....

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....lowance u/s 14A of the Act. 4. We have gone through the orders of the authorities below and also the decision relied upon by the assessee. The Hon'ble Jurisdictional High Court, referring the entire case law on this aspect and also while noticing the CBDT Circular No. 5 of 2014 dated 11.02.2014, was pleased to hold that the CBDT Circular cannot over ride the express provisions of Section 14A of....