How many judgments cite Cheminvest Ltd. v. CIT?

1,569 judgments on BharatTax cite Cheminvest Ltd. v. CIT (378 ITR 33), spanning 2015 to 2026.

Which sections of the Income Tax Act does Cheminvest Ltd. v. CIT come up under?

It is most often cited in judgments turning on Section 14A, Section 143(3), Section 8D, Section 115JB, Section 250, Section 1961.

Cheminvest Ltd. v. CIT

378 ITR 33High Court2015#24 most cited

What is Cheminvest Ltd. v. CIT authority for?

A disallowance under Section 14A of the Income-tax Act, 1961, for expenditure incurred in relation to exempt income cannot be made if the assessee has not earned any exempt income during the relevant previous year.

1,569

judgments rely on this decision, according to BharatTax’s citation analysis of 367,368 Indian tax judgments — from 2015 to 2026.

Also referred to as

Cheminvest Ltd. v. CIT · Section 14A disallowance · no exempt income · exempt dividend income · expenditure related to exempt income · Section 8D · Section 115JB · Income-tax Act 1961 · Delhi High Court

Also reported as

61 Taxmann.com 118234 Taxmann 761317 ITD 33281 CTR 447

Sections most often in play

Section 14A Section 143(3)Section 8D Section 115JB Section 250 Section 1961 Section 37(1)Section 143(2)

Read the full judgment

Issues it is cited on

disallowance u/s 14a disallowance under section 14a section 14a section 36(1)(iii)section 115jb revenue expenditure section 37(1)section 37 section 36 previous year scrutiny assessment section 115

Judgments citing Cheminvest Ltd. v. CIT

DCIT, Circle-1(1), Hyderabad vs. Andhra Pradesh Power Generation Corporation Limited, Hyderabad

Appeals are partly allowed for statistical purposes therefore

ITA 1607/HYD/2016[2012-13]Status: DisposedITAT Hyderabad17 Sept 2021AY 2012-13

Bench: Shri S.S. Godara & Shri Laxmi Prasad Sahu

For Appellant: Sri M. Chandramouleswara RaoFor Respondent: Sri Y.V.S.T. Sai, DR

Section 143(3)Section 14A

…mitted in light of the assessee’s annual report for the impugned assessment year that the assessee has not declared any exempt income which could trigger application of Sec.14A r.w. Rule 8D of the I.T. Rules in light of case law Chemnivest Ltd. Vs. CIT (2015) 378 ITR 33 (Del), CIT Vs. Corrtech Energy Pvt. Ltd. 223 Taxmann.com 130 (Guj) and CIT Vs. CIT Vs. Chettinad Logistics Pvt. Limited (2017) 80 taxmann.com 221 (Madras). The Revenue’s stand on the other hand is that this clinching aspect has nowhere been seen raised or considered either in assessment or in the CIT(A)’s order. 3. Faced with this situation, we d…

DCIT, Circle-1(1), Hyderabad vs. Andhra Pradesh Power Generation Corporation Limited, Hyderabad

Appeals are partly allowed for statistical purposes therefore

ITA 1606/HYD/2016[2011-12]Status: DisposedITAT Hyderabad17 Sept 2021AY 2011-12

Bench: Shri S.S. Godara & Shri Laxmi Prasad Sahu

For Appellant: Sri M. Chandramouleswara RaoFor Respondent: Sri Y.V.S.T. Sai, DR

Section 143(3)Section 14A

The Deputy Commissioner of Income Tax, Circle-3(1), Visakhapatnam vs. Srinivasa Ferro Alloys Limited, Visakhapatnam

In the result, appeal of the Revenue stands dismissed

ITA 36/VIZ/2021[2012-13]Status: DisposedITAT Visakhapatnam08 Sept 2021AY 2012-13

Bench: Shri N.K. Choudhry, Hon’Ble & Shri D.S. Sunder Singh, Hon'Ble

For Appellant: Shri P.S. Raju, CAFor Respondent: Shri B.Satyanarayana Raju, Sr.DR

Section 14ASection 263

…IN THE INCOME TAX APPELLATE TRIBUNAL VISAKHAPATNAM BENCH, VISAKHAPATNAM (Through web-based video conferencing platform) BEFORE SHRI N.K. CHOUDHRY, HON’BLE JUDICIAL MEMBER & SHRI D.S. SUNDER SINGH, HON'BLE ACCOUNTANT MEMBER I.T.A. No. 36/VIZ/2021 (Asst. Year :2012-13) DCIT, Circle-3(1), Vs. M/s. Srinivasa Ferro Visakhapatnam. Alloys Ltd., MIG-25, Seethammadhara, NE Layout, Visakhapatnam. PAN No. AADCS 1439 B (Appellant) (Respondent) Assessee by : Shri P.S. Raju, CA. Department by : Shri B.Satyanarayana Raju, Sr.DR Date of hearing : 18/08/2021. Date of pronouncement : 08/09/2021. O R D E R PER D.S. SUNDER SING…

DCIT, Cen. Circle-4(1), Mumbai vs. M/S. Runwal Developers Pvt. Ltd., Mumbai

ITA 6102/MUM/2019[2016-17]Status: DisposedITAT Mumbai06 Sept 2021AY 2016-17

Bench: Shri Pramod Kumar, Vp & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No. 6102/Mum/2019 (निर्धारण वर्ा / Assessment Year:2016-17) Dcit, Cen, Circle-4(10) बिधम/ M/S. Runwal Developers Room No.1918, 19Th Floor, Pvt. Ltd. Vs. 1St Floor, Runwal Chambers, Air India Building, Nariman Point, Mumbai-400021. First Road, Chembur, Mumbai-400022. आयकर अपील सं/ I.T.A. No. 5294/Mum/2019 (निर्धारण वर्ा / Assessment Year: 2016-17) M/S. Runwal Developers Pvt. बिधम/ Dcit, Cen, Circle-4(10) Room No.1918, 19Th Floor, Ltd. Vs. 1St Floor, Runwal Chambers, Air India Building, Nariman First Road, Chembur, Point, Mumbai-400021. Mumbai-400022. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacr0395J (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Assessee By: Shri Rishabh Shah Revenue By: Shri Bharat Andhle (Dr) सुनवाई की तारीख / Date Of Hearing: 22/06/2021 घोषणा की तारीख /Date Of Pronouncement: 06/09/2021 आदेश / O R D E R Per Amarjit Singh (Jm): The Assessee As Well As Revenue Have Filed The Above Mentioned Appeals Against The Order Dated 20.06.2019 Passed By The Commissioner Of Income Tax (Appeals) -52, Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y. 2016-17. Ita. No.6102/Mum/2019 2. The Revenue Has Filed The Present Appeal Against The Order Dated 20.06.2019 Passed By The Commissioner Of Income Tax (Appeals) -52, 5294/M/2019 A.Y. 2016-17 Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y.2016- 17. 3. The Revenue Has Raised The Following Grounds: -

For Appellant: Shri Rishabh ShahFor Respondent: Shri Bharat Andhle (DR)

Section 115JSection 139(9)Section 143(2)Section 144Section 14A

…unjab & Haryana High Court in which the disallowance was restricted to the exempt income. The CIT(A) has also considered the decision of the Hon’ble Delhi High Court in the case of Joint Investments (P.) Ltd. 59 taxmann.com 295, Cheminvest Ltd. Vs. ITO (2009) 378 ITR 33 (Del), Maxopp Investemnt Ltd. CIT 10 5294/M/2019 A.Y. 2016-17 2018 (91 taxmann.com 154) & Kotak Securities Ltd. (ITA. No.6666/Mum/2015 dated 19.09.2018. In the said cases, the expenses to earn the exempt income was restricted to the extent of exempt income. The facts are not distinguishable at this stage. No law contrary to the law relied by the…

Saarloha Advanced Materials P Ltd., Pune vs. Deputy Commissioner of Income-Tax, Circle - 14, Pune

In the result, the appeal of assessee is allowed

ITA 46/PUN/2018[2014-15]Status: PendingITAT Pune03 Sept 2021AY 2014-15

Bench: Shri Inturi Rama Rao & Shri S.S. Viswanethra Ravi

For Appellant: Shri Nikhil S. PathakFor Respondent: Shri S.P. Walimbe

Section 143(3)Section 14A

…onfirming the disallowance under Section 14A of the Income Tax Act, 1961 in excess of exempt income earned by the Assessee during the assessment year in question?” The Hon‟ble High Court of Bombay by placing reliance in the case of Cheminvest Ltd. reported in 378 ITR 33 (Delhi) and reversed the decision of Tribunal to the extent of limiting the disallowance to the exempt income earned therein. In the present case as discussed above, there is no dispute that the assessee earned exempt income of Rs.13,022/- and by applying the decision of Hon‟ble High Court of Bombay we restrict the disallowance to the extent exemp…

M/S Martina Cotton Industries Pvt. Ltd., Kolkata vs. ITO, Ward-7(1), Kolkata

In the result, the appeal of assessee is partly allowed for statistical purposes

ITA 553/KOL/2020[2014-15]Status: DisposedITAT Kolkata03 Sept 2021AY 2014-15

Bench: Shri P. M. Jagtap(Kz) & Shri A. T. Varkey]

Section 14ASection 68

…his assessment year, the assessee did not earn any exempt income, therefore, according to him, no disallowance u/s. 14A of the Act was warranted and for that he relied on the decision of the Hon’ble Delhi High Court in the case of Chem Investment Ltd. Vs. CIT 378 ITR 33(Del). Since we have already remanded the aforesaid issue to the AO, we set aside the impugned order of the Ld. CIT(A) on this issue and direct the AO to examine/verify as to whether the assessee’s claim that it has not received any exempt income is correct or not. And on verification if the AO finds that assessee has not earned any exempt income,…

Carroro India Private Ltd., Pune vs. Deputy Commissioner of Income-Tax

In the result, appeal of the Revenue in ITA No

ITA 835/PUN/2016[2011-12]Status: DisposedITAT Pune02 Sept 2021AY 2011-12

Bench: Shri Inturi Rama Rao & Shri Partha Sarathi Chaudhury

For Appellant: Shri M.P Lohia &For Respondent: Shri Subhakant Sahu

Section 144C(5)Section 37

…uld have been made by the Assessing Officer by invoking section 14A r.w.Rule 8D of the Income Tax Rules, 1962. The Tribunal relied upon the decision of the Hon‟ble Delhi High Court in the case of Cheminvest Ld. Vs. CIT (2015) 61 taxmann.com 118/234 Taxman 761/378 ITR 33 (Delhi); the decision of the Punjab & Haryana High Court in the case of CIT Vs. Lakhani Marketing Inc. (2014) 49 taxman.com 257/226 Taxman 45 (Mag.); and the decision of the Allahabad High Court in the case of CIT Vs. Shivam Motors (P) Ltd. (2015) 55 taxmann.com 262/230 Taxman 63 (All.) and observed that there is uniformity in the view that in cas…

Deputy Commissioner of Income-Tax vs. Carraro India Pvt. Ltd., Pune

In the result, appeal of the Revenue in ITA No

ITA 823/PUN/2016[2011-12]Status: DisposedITAT Pune02 Sept 2021AY 2011-12

Bench: Shri Inturi Rama Rao & Shri Partha Sarathi Chaudhury

For Appellant: Shri M.P Lohia &For Respondent: Shri Subhakant Sahu

Section 144C(5)Section 37

DCIT Circle- 2(1)(1), Mumbai vs. M/S Cable Corporation of India Ltd., Mumbai

In the result, this appeal is dismissed

ITA 1010/MUM/2020[2016-17]Status: DisposedITAT Mumbai02 Sept 2021AY 2016-17

Bench: Shri Shamim Yahya (Am) & Shri Ravish Sood (Jm)

Section 10(34)Section 139(1)Section 14ASection 24Section 36Section 43B

…assessee’s appeal Ld.CIT(A) accepted the asssessee’s submissions that since no exempt income has been erred on disallowance u/s. 14A is permissible. In this regard, he referred to the decision of Hon’ble Delhi High Court in the case of Cheminvest Ltd. vs CIT 378 ITR 33 and Hon’ble Gujarat High Court in CIT vs. Corrtech Energy P.Ltd. 372 ITR 97. 6. Against the above order, the revenue has filed appeal before ITAT. Upon heard both the counsels and perused the records, we note that the issue is covered in favour of the assessee by the decision referred above. No disallowance u/s. 14A is permissible when the assesse…

Kopergaon Peoples Co-Op Bank Ltd, Ahmednagar vs. Assistant Commissioner of Income-Tax, Ahmednagar Circle, Ahmednagar

In the result, the appeal is partly allowed

ITA 405/PUN/2018[2013-14]Status: DisposedITAT Pune31 Aug 2021AY 2013-14

Bench: Shri R.S. Syal & Shri S.S. Viswanethra Raviआयकर अपील सं. / Ita No.405/Pun/2018 िनधा"रण वष" / Assessment Year : 2013-14 Kopergaon Peoples Cop. Bank Ltd., Vs. Acit, Bank Road, Kopergaon, Ahmednagar Circle, Ahmednagar – 423601 Ahmednagar Pan : Aaaak2255J Appellant Respondent

Section 14ASection 244A

…unal. 4. Having heard both the sides through virtual court and gone through the relevant material on record, it is found as an admitted position that the assessee earned exempt of Rs.80,837/-. The Hon'ble Delhi High Court in Cheminvest Ltd. vs. CIT (2015) 378 ITR 33 (Del) has held that if there is no exempt income, there can be no question of making any disallowance u/s 14A of the Act. Similar view has been taken by the Hon'ble Delhi High Court in CIT vs. Holcim India P. Ltd. (2014) 90CCH 081-Del-HC. Taking this proposition further, the Hon’ble jurisdictional High Court in Pr. CIT VS. HSBC Invest Direct (…

DCIT, Circle- 2(1), New Delhi vs. Akc Retailers Pvt. Ltd., New Delhi

In the result, the appeal of the Revenue is dismissed

ITA 3262/DEL/2018[2014-15]Status: DisposedITAT Delhi31 Aug 2021AY 2014-15

Bench: Shri Kul Bharat & Shri Anadee Nath Misshraassessment Year : 2014-15 Dcit, Vs Akc Retailer Pvt.Ltd., Circle-2(1), 305, 3Rd Floor, Bhanot Corner, New Delhi. Pamposh Enclave, Greater Kailash- 1, New Delhi-110048. Pan-Aabcu0112B Appellant Respondent Appellant By Sh. Mahesh Thakur, Sr.Dr Respondent By Sh. M.P.Rastogi, Adv. & Sh. Rajeev, Ca Date Of Hearing 12.08.2021 Date Of Pronouncement 31.08.2021

Section 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI “B” BENCH: NEW DELHI (THROUGH VIDEO CONFERENCING) BEFORE SHRI KUL BHARAT, JUDICIAL MEMBER & SHRI ANADEE NATH MISSHRA, ACCOUNTANT MEMBER Assessment Year : 2014-15 DCIT, vs AKC Retailer Pvt.Ltd., Circle-2(1), 305, 3rd Floor, Bhanot Corner, New Delhi. Pamposh Enclave, Greater Kailash- 1, New Delhi-110048. PAN-AABCU0112B APPELLANT RESPONDENT Appellant by Sh. Mahesh Thakur, Sr.DR Respondent by Sh. M.P.Rastogi, Adv. & Sh. Rajeev, CA Date of Hearing 12.08.2021 Date of Pronouncement 31.08.2021 ORDER PER KUL BHARAT, JM : This appeal filed by the Revenue pertaining to assessm…

Dy. Commissioner of Income Tax, Circle-1(1), Hyderabad vs. Aquamall Water Solutions Limited, Hyderabad

In the result, both the appeals of the revenue are dismissed in above terms

ITA 2302/HYD/2018[2015-16]Status: DisposedITAT Hyderabad30 Aug 2021AY 2015-16

Bench: Smt. P. Madhavi Devi & Shri Laxmi Prasad Sahu

For Appellant: Shri A.V. RaghuramFor Respondent: Shri Rohit Mujumdar

Section 143(3)Section 14ASection 14A(1)

…llowance in terms of section 14A read with rule 8D. The assessee relied in the following cases: I. Principal CIT Vs.IL & FS Energy Development Co. Ltd., (2017) 84 Taxmann.com 186 (Del) order dated 16.08.2017 in ITA No.520 of 2017. II. Cheminvest Ltd Vs. CIT - 378 ITR 33 (Del) III. CIT Faridabad Vs. Lakhani Marketing (2014) 272 CTR265 (P&H) IV. Redington (India) Ltd Vs. Add!. CIT(2017) 392 ITR 633 (Mad). V. CIT Vs. Shivam Motors Pvt. Ltd.(2014) 272 CTR 277 (Allahabad) 3.2 The AO referring to the CBDT Circular No. 5/2014, dated 11/02/2014, observed that the assessee had incurred interest expenditure of Rs. 8,80,35…

Dy. Commissioner of Income Tax, Circle-1(1), Hyderabad vs. Aquamall Water Solutions Limited, Hyderabad

In the result, both the appeals of the revenue are dismissed in above terms

ITA 2301/HYD/2018[2014-15]Status: DisposedITAT Hyderabad30 Aug 2021AY 2014-15

Bench: Smt. P. Madhavi Devi & Shri Laxmi Prasad Sahu

For Appellant: Shri A.V. RaghuramFor Respondent: Shri Rohit Mujumdar

Section 143(3)Section 14ASection 14A(1)

Hero Solar Energy (P) Ltd., New Delhi vs. DCIT, Circle- 11(1), New Delhi

Accordingly, no additions are called for. Hence, Ground no.3 is allowed

ITA 359/DEL/2018[2014-15]Status: DisposedITAT Delhi27 Aug 2021AY 2014-15

Bench: Shri Anil Chaturvedi & Shri Kuldip Singh

For Appellant: Shri Somil Aggarwal, CAFor Respondent: Ms. Anima Barnwal, Senior DR

Section 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH ‘C’ : NEW DELHI) BEFORE SHRI ANIL CHATURVEDI, ACCOUNTANT MEMBER and SHRI KULDIP SINGH, JUDICIAL MEMBER (THROUGH VIDEO CONFERENCE) ITA No.359/Del./2018 (Assessment Year : 2014-15) M/s. Hero Solar Energy (P) Ltd., vs. DCIT, Circle 11 (1), C/o M/s. RRA TAXINDIA, New Delhi. D – 28, South Extension Part – I, New Delhi – 110 049. (PAN : AABCH0102L) (APPELLANT) (RESPONDENT) ASSESSEE BY : Shri Somil Aggarwal, CA Shri Deepak Garg, Advocate REVENUE BY : Ms. Anima Barnwal, Senior DR Date of Hearing : 18.08.2021 Date of Order : 27.08.2021 O R D E R PER KULDIP SINGH,…

DCIT, Circle-10(1), New Delhi vs. Genesis Color Pvt. Ltd., New Delhi

In the result, the appeal of the Revenue is partly allowed for statistical purposes

ITA 4019/DEL/2018[2014-15]Status: DisposedITAT Delhi25 Aug 2021AY 2014-15

Bench: Shri R.K. Panda & Shri Vijay Pal Rao

For Appellant: Ms. Anima Barnwal, Sr.D.RFor Respondent: Shri Ved Jain, CA and Shri Ashish

Section 14ASection 14A(1)Section 40

…f the appellate order as under: “4.3.3. In view of submission of appellant and judicial pronouncement it is observed that the decision by the Hon’ble ITAT Delhi has been reversed by the Hon'ble Delhi High Court in the same case i.e. Chemnivest Ltd. vs. CIT-IV 61 Taxmann.com 118 (Delhi) vide order dated 02.09.2015 holding that "the the expression ’does not form part of the total income' in section 14A envisages that there should be an actual receipt of income, which is not includible in the total income, during the relevant previous year for the purpose of disallowing any expenditure incurred in relation to the sa…

DCIT, Circle-12(1), New Delhi vs. Il & Fs Energy Development Co. Ltd., New Delhi

In the result, both the appeals of the Revenue are dismissed

ITA 3851/DEL/2018[2014-15]Status: DisposedITAT Delhi25 Aug 2021AY 2014-15

Bench: Sh. Anil Chaturvedi & Sh. Kuldip Singh(Through Video Conferencing) Ita Nos. 3479 & 3851/Del/2018 (Assessment Years : 2013-14 & 2014-15) Dcit Vs. Il & Fs Energy Circle – 12(1) Development Co. Ltd., New Delhi A-268, 1St Floor, Bhishm Pitamah Marg & Defence Colony, New Delhi Pan No. Aabci 6885 K (Appellant) (Respondent) Assessee By --None-- Revenue By Shri Sarwan Kumar Gautam, Cit-D.R. Date Of Hearing: 18.08.2021 Date Of Pronouncement: 25.08.2021

Section 143(3)Section 14ASection 14A(1)

…t Company Ltd. vs PCIT in ITA No.520/2017 for A.Y. 2011-12 has been held that when no dividend income was earned no disallowance should be made u/s 14A of the Act. CIT(A) further noted that the Hon’ble Delhi High Court in the case of Chemnivest Ltd vs. CIT-IV 61 Taxmann.com 118 (Delhi) has also held that section 14A will not apply if no exempt income received during the year. She following the aforesaid decisions of Delhi High Court deleted the addition. Aggrieved by the order of CIT(A), Revenue is now in appael before us. 5 9. Before us, Learned DR supported the order of AO. 10. We have heard the Learned DR and…

DCIT, New Delhi vs. M/S. Metso Minerals (India) Pvt. Ltd., New Delhi

In the result, the appeal of the Revenue is dismissed

ITA 1820/DEL/2017[2011-12]Status: DisposedITAT Delhi25 Aug 2021AY 2011-12

Bench: Shri O.P. Kant & Shri K.N. Chary[Through Video Conferencing] Assessment Year: 2011-12

Section 14Section 143(3)Section 36(1)(iii)Section 37Section 37(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI BENCH: ‘E’ NEW DELHI BEFORE SHRI O.P. KANT, ACCOUNTANT MEMBER AND SHRI K.N. CHARY, JUDICIAL MEMBER [Through Video Conferencing] Assessment Year: 2011-12 DCIT, Vs. M/s. Metso Minerals (India) Circle-16(2), Pvt. Ltd., New Delhi C-227, Ground Floor, Western Marg, Near Garden of five Senses, Paryavaran Complex, New Delhi PAN :AAACS3407L (Appellant) (Respondent) Appellant by Sh. Vipul Kashyap, Sr.DR Respondent by Ms. Prem Lata Bansal, Sr. Adv. Sh. Vinay Sahni, CA, Ms. Rachna Sahni, Adv. Sh. Shivang Bansal, Adv Date of hearing 10.08.2021 Date of pronouncement 25.08.2021…

Jt. Commissioner of Income Tax(OSD), Central Cirlce-1(4), Hyderabad vs. Medha Servo Drives Private Limited, Hyderabad

In the result, the CO filed by the assessee is allowed

ITA 655/HYD/2018[2014-15]Status: DisposedITAT Hyderabad24 Aug 2021AY 2014-15

Bench: Shri S.S. Godara & Shri Laxmi Prasad Sahu

For Appellant: Shri V. Shiva KumarFor Respondent: Shri Sunil Kumar Pandey, DR

Section 143(3)Section 14A

…hat there is no exempt income earned by the assessee during the impugned assessment year and he has relied on certain judgments while deciding the issue in favour of the assessee. The Hon’ble Delhi High Court in the case of Cheminvest Ltd., reported in (2015) 378 ITR 33 (Del.) has held that section 14A will not apply where no exempt income is received or receivable during the relevant assessment year. Therefore, as per our considered view, we do not find any infirmity in the order of the Ld. CIT(A) and CO No. 23/H/2018 Medha Servo Drives Pvt. Ltd.,, Hyd. therefore, this ground No. VI to VIII of appeal raised by…

Jt. Commissioner of Income Tax(OSD), Central Cirlce-1(4), Hyderabad vs. Medha Servo Drives Private Limited, Hyderabad

In the result, the CO filed by the assessee is allowed

ITA 654/HYD/2018[2013-14]Status: DisposedITAT Hyderabad24 Aug 2021AY 2013-14

Bench: Shri S.S. Godara & Shri Laxmi Prasad Sahu

For Appellant: Shri V. Shiva KumarFor Respondent: Shri Sunil Kumar Pandey, DR

Section 143(3)Section 14A

Rain Cements Limited (Formerly Known As Rain Cii Carbon India Limited ), Hyderabad vs. Dy. Commissioner of Income Tax, Circle-3(1), Hyderabad

Appeals are partly allowed in above terms

ITA 1471/HYD/2018[2014-15]Status: DisposedITAT Hyderabad24 Aug 2021AY 2014-15

Bench: Shri S.S.Godara & Shri Laxmi Prasad Sahuappellant Respondent

For Appellant: Shri Nishant Thakkar, ARFor Respondent: Shri Rohit Mujumdar, DR

Section 143(3)Section 14ASection 92BSection 92C

…its appeal ITA No.2020/Hyd/2017 is concerned. We thus quote the following case law : i. CIT Vs. Chettinad Logistics Pvt. Ltd., [80 taxmann.com 221] (Madras); ii. CIT Vs. Corrtech Energy Pvt. Ltd., [223 Taxman 130] (Guj); iii. Cheminvest Ltd., Vs. CIT (2015) [378 ITR 33] (Del) Their lordships hold that Section 14A read with Rule 8D applies only in relation to an assessee’s exempt income than having any independent exigibility. It is an admitted fact that the assessee has not derived any exempt income in the relevant previous year. We therefore direct the Assessing Officer to delete the impugned disallowance for…