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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 SHRI KULDIP SINGH SHRI KULDIP SINGHSHRI KULDIP SINGH SHRI KULDIP SINGH
PER G.D. AGRAWAL, PER G.D. AGRAWAL, PRESIDENT PER G.D. AGRAWAL, PER G.D. AGRAWAL, PRESIDENT PRESIDENT :- PRESIDENT These two appeals by the Revenue for the assessment year 2011-12 and 2012-13 are directed against the order of learned CIT(A)- 30, New Delhi dated 22nd May, 2015.
In both these appeals, the Revenue has raised only one common ground against the deletion of disallowance made by the Assessing Officer u/s 14A of the Income-tax Act, 1961.
We have heard the arguments of both the sides and perused relevant material placed before us. It was pointed out by the learned counsel that there is no exempt income in any of the years under appeal and, therefore, the issue under consideration is squarely covered by the decision of Hon'ble Jurisdictional High Court in the case of Cheminvest Ltd. Vs. CIT – [2015] 378 ITR 33 (Delhi).
2 ITA-5215 & 5218/Del/2015
Learned DR, on the other hand, relied upon the order of the Assessing Officer.
After considering the facts of the case and arguments of both the sides, we agree with the contention of the learned counsel for the assessee that the issue is squarely covered in favour of the assessee by the decision of Hon'ble Jurisdictional High Court in the case of Cheminvest Ltd. (supra), 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 the appeals filed by the Revenue.
In the result, both the appeals of the Revenue are dismissed. Decision pronounced in the open Court on 02.11.2017.