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Income Tax Appellate Tribunal, DELHI BENCHES: ‘F’, NEW DELHI
Before: SHRI G.D.AGRAWAL & SMT. BEENA A PILLAI
ORDER
PER BEENA A PILLAI, JUDICIAL MEMBER
The present appeals by Revenue have been filed against order dated 04/12/15 passed by Ld.CIT(A)-4 and Order dated 29/01/16 passed by CIT(A)-19, New Delhi for assessment year 2008-09 and 2006-07 respectively.
The only issue raised by revenue in these appeals is against deletion of disallowance made by Ld.AO u/s 14A r.w.Rule 8D. It has been submitted before Ld.CIT(A) that no dividend income has been received during the year under consideration by the assesse.
2.1. Ld. DR placed reliance upon the order passed by Ld.AO in support of his arguments. He placed reliance upon the CBDT circular No. 5/2014 dated 11/02/014.
2.2. It has been submitted before Ld. CIT (A) that assessee has not received any dividend income during the year under consideration.
We have perused the relevant material on record in both the appeals before us, and find that this issue stands settled in favour of assessee by the Hon’ble judicial High Court in the case of Cheminvest Ltd versus CIT (2015) reported in 378 ITR 33 wherein it has been held that if there is no exempt income, there can be no question of making any disallowance under section 14 A. Similar view has also been taken by Hon’ble judicial High Court in the case of CIT versus Holcim India Pvt. Ltd vide order dated 05/09/14 in and 299/2014. 3.1. In view of these binding precedents we do not find any infirmity in the addition being deleted as there is no exempt income which has been recorded by Ld.CIT(A) on the facts of the present case. Accordingly this ground raised
by the revenue stands dismissed.
4. In the result appeals filed by revenue stand dismissed. Order pronounced in the open court on 22/12/2017. Sd/- Sd/- (G.D.AGRAWAL) (BEENA A PILLAI) President Judicial Member Dated: 22nd December, 2017. *mv Copy of the Order forwarded to: