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Income Tax Appellate Tribunal, IN THE INCOME TAX APPELLATE TRIBUNAL
Before: SHRI G.D. AGRAWAL, G.D. AGRAWAL & AND BEFORE SHRI & AND SMT. BEENA A. PILLAI SMT. BEENA A. PILLAISMT. BEENA A. PILLAI SMT. BEENA A. PILLAI
PER G.D. AGRAWAL, PER G.D. AGRAWAL, PRESIDENT PER G.D. AGRAWAL, PER G.D. AGRAWAL, PRESIDENT PRESIDENT :- PRESIDENT These appeals by the Revenue for the assessment years 2011-12 & 2012-13 are directed against the order of learned CIT(A)-29, New Delhi dated 12th January, 2015.
The only ground raised in both these appeals is against the deletion of disallowance u/s 14A amounting to `28,39,540/- and 32,53,860/-.
We have heard the arguments of both the sides and perused relevant material placed before us. We find that learned CIT(A) deleted the disallowance u/s 14A on the ground that there was no exempt income. We find this issue to be squarely covered in favour of the assessee by the decision of Hon'ble Jurisdictional High Court in the 2 ITA-1707 & 1708/Del/2015 case of Cheminvest Ltd. Vs. CIT – [2015] 378 ITR 33 (Delhi), wherein their Lordships held as under :-
“Held, that no exempted income was earned by the assessee in the relevant assessment year and since the genuineness of the expenditure incurred by the assessee was not in doubt, no disallowance could be made under section 14A.”
Respectfully following the above decision of Hon'ble Jurisdictional High Court, we uphold the order of learned CIT(A) and dismiss both the appeals filed by the Revenue.
In the result, both the appeals of the Revenue are dismissed. Decision pronounced in the open Court on 26.12.2017.