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 14ASection 143(3)Section 8DSection 115JBSection 250Section 1961Section 37(1)Section 143(2)
Read the full judgment

Issues it is cited on

disallowance u/s 14adisallowance under section 14asection 14asection 36(1)(iii)section 115jbrevenue expendituresection 37(1)section 37section 36previous yearscrutiny assessmentsection 115

Judgments citing Cheminvest Ltd. v. CIT

Idbi Bank Ltd., Mumbai vs. DCIT (Ltu)-2, Mumbai

In the result, the appeal filed by the Revenue is dismissed

ITA 3394/MUM/2019[2015-16]Status: DisposedITAT Mumbai09 Feb 2021AY 2015-16

Bench: Shri Saktijit Dey () & Shri N.K. Pradhan () Assessment Year: 2015-16

For Appellant: Mr. C. Naresh, ARFor Respondent: Mr. V. Sreekar, DR
Section 10(15)Section 10(34)Section 115JSection 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “C” MUMBAI BEFORE SHRI SAKTIJIT DEY (JUDICIAL MEMBER) AND SHRI N.K. PRADHAN (ACCOUNTANT MEMBER) Assessment Year: 2015-16 IDBI Bank Ltd., DCIT – LTU (2), 22nd Floor, IDBI Tower, WTC Vs. 29th Floor, Centre No. 1, World Complex, Cuffe Parade, Trade Centre, Cuffe Parade, Mumbai-400 005. Mumbai-400 005 PAN No. AABCI 8842 G Appellant Respondent Assessment Year: 2015-16 DCIT – LTU (2), IDBI Bank Ltd., 29th Floor, Centre No. 1, World Vs. 22nd Floor, IDBI Tower, WTC Trade Centre, Cuffe Parade, Complex, Cuffe Parade, Mumbai-400 005 Mumbai-400 005. PAN No. AABCI 8842 G Ap…

ITO, Ward- 10(4), New Delhi vs. Gyansagar Buildtech Ltd., New Delhi

In the result, appeal of the Revenue dismissed

ITA 7739/DEL/2017[2014-15]Status: DisposedITAT Delhi01 Feb 2021AY 2014-15

Bench: Shri Bhavnesh Saini & Shri B.R.R. Kumar

For Appellant: Shri Nippun Jain, C.AFor Respondent: Shri Prakash Dubey , Sr.DR
Section 14A

…A) that addition is wholly unjustified because the assessee has not earned any exempt income in assessment year under appeal. The assessee relied upon the Judgment of the Hon’ble Delhi High Court in the case of Chemnivest Ltd., vs., Commissioner of Income Tax 378 ITR 33 in which it was held that “Section 14A of the I.T. Act will not apply if no exempt income is received or receivable during the relevant previous year.” The Ld. CIT(A) following this decision of the Hon’ble Delhi High Court, deleted the addition. 4. After considering the rival submissions, we are of the view that the issue is covered by the afores…

DCIT, Circle- 1(1), Gurgaon vs. Dlf Universal Ltd., New Delhi

In the result, the appeal of the Revenue is dismissed and that of the assessee is partly allowed

ITA 6534/DEL/2017[2013-14]Status: DisposedITAT Delhi28 Jan 2021AY 2013-14

Bench: Shri G.S. Pannu, Vice- & Shri Mahavir Prasadassessment Year: 2013-14

For Appellant: Sh. Sampoornanand, Sr. DRFor Respondent: Sh. Satyajeet Goel, C.A
Section 143(3)Section 14A

…admit the appeal of the Revenue by holding that the aforesaid question is not a substantial question of law. Accordingly, the appeal of the Department was dismissed. 6. We find that the Hon'ble Delhi High Court also in the case 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. Similar view has been taken by the Hon'ble Delhi High Court in CIT vs. Holcim India P. Ltd. (2014) 90CCH 081-Del-HC. The net effect of these decisions is that the disallowance u/s 14A gets restricted to the extent of exempt income, even i…

M/S. Laxmi India Finleasecap Pvt. Ltd., Kolkata vs. Principal CIT - 1, Kolkata

In the result, the appeal of the assessee stands allowed

ITA 940/KOL/2018[2013-14]Status: DisposedITAT Kolkata22 Jan 2021AY 2013-14

Bench: Shri J.Sudhakar Reddy & Shri Sanjay Gargassessment Year: 2013-14

Section 14ASection 263Section 36(1)(iii)

…ments made, no disallowance is to be made u/s 14A. Reliance in this respect can be place on the following case laws: CIT, Faridabad Vs. Lakhani Marketing Inc. 226 Taxman 45 (P&H); CIT Vs. Winsome Textiles (2009) 319 ITR 204 (P&H) Cheminvest Ltd Vs. ITO (2015) 378 ITR 33 (Delhi) Corrtech Energy P. Ltd. (2014) 45 Taxmann.com 116 (Gujarat High Court) CIT Vs M/s Shivam Motors (P) Ltd (2014) 272 CTR (All) 277 in all the above referred to case laws, the Hon'ble High Courts have been unanimous to hold that no disallowance is attracted u/s 14A of the Act in case the assessee has not earned any income not forming part of…

Pr Commissioner of Income Tax-5 vs. M/S Novell Software Development (India) Pvt.Ltd

In the result, we do not find any merit in this appeal

ITA/271/2017HC Karnataka16 Jan 2021

Bench: ALOK ARADHE,R. NATARAJ

Section 14ASection 260Section 260ASection 40Section 9

…1 IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 16TH DAY OF JANUARY 2021 PRESENT THE HON’BLE MR. JUSTICE ALOK ARADHE AND THE HON’BLE MR. JUSTICE NATARAJ RANGASWAMY I.T.A. NO.271 OF 2017 BETWEEN: 1. PR. COMMISSIONER OF INCOME TAX-5 BMTC COMPLEX, KORAMANGALA BANGALORE. 2. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE 5(1)(2), BANGALORE. ... APPELLANTS (BY SRI. T.N.C. SRIDHAR, ADV., FOR SRI. SANMATHI E.I. ADAV.,) AND: M/S. NOVELL SOFTWARE DEVELOPMENT (INDIA) PVT. LTD. 'LAUREL', BLOCK-D, 65/2 BAGMANE TECH PARK C.V. RAMAN NAGAR BYRASANDRA, BANGALORE-93. ... RESPONDENT (BY SRI…

ACIT, Circle-6(1), New Delhi vs. Clix Finance India Unlimited (Earlier Known Asge Capital Services India), New Delhi

In the result, the appeal of the revenue is dismissed

ITA 1075/DEL/2018[2012-13]Status: DisposedITAT Delhi14 Jan 2021AY 2012-13

Bench: Shri Bhavnesh Saini & Shri O.P. Kant[Through Video Conferencing]

Section 14A

…rule 8D of the Income-tax Rules, 1962 (in short ‘the Rules’). 3. We find that the Ld. CIT(A) has adjudicated the issue in dispute following the binding precedent of decision of the Hon’ble jurisdictional High Court in the case of Cheminvest Ltd. Vs. CIT- IV, 61 Taxmann.com 118 (Delhi). The relevant finding of the Ld. CIT(A) is reproduced as under: “4.3.3 The submission of the appellant and the case laws cited and the relevant orders have been considered. In the present case, the appellant has not earned any exempt income u/s. 14A, but has suo motu disallowed Rs.64,30,120/- in terms of provisions of section 14A.…

ACIT, Circle- 10(2), New Delhi vs. Gvk Projects and Technical Services Ltd., Secunderabad

In the result, the appeal of the Revenue is dismissed

ITA 7845/DEL/2017[2014-15]Status: PendingITAT Delhi14 Jan 2021AY 2014-15

Bench: Shri Amit Shukla & Shri B.R.R. Kumar

For Appellant: Shri V.K. Mishra, Sr.D.RFor Respondent: None
Section 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “C” NEW DELHI BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI B.R.R. KUMAR, ACCOUNTANT MEMBER I.T.A. No.7845 /DEL/2017 Assessment Year 2014-15 ACIT, Circle-10(2), v. M/s. GVK Projects and New Delhi. Technical Services Ltd., 156- 159, Paigah House, Sardar Patel Road, Secunderabad, Telangana. TAN/PAN: AAACU9200F (Appellant) (Respondent) Appellant by: Shri V.K. Mishra, Sr.D.R. Respondent by: None Date of hearing: 14 01 2021 Date of pronouncement: 14 01 2021 O R D E R PER AMIT SHUKLA, J.M.: The aforesaid appeal has been filed by the assessee against the impugned…

JCIT (OSD)-8(1)(1), Mumbai vs. M/S Reliance Communication Infrastructure Ltd., Mumbai

In the result, appeal of the Revenue is dismissed

ITA 3741/MUM/2019[2012-13]Status: DisposedITAT Mumbai13 Jan 2021AY 2012-13

Bench: Shri Rajesh Kumar & Shri Amarjit Singh: A.Y : 2012-13

For Appellant: Smt. Ashima GuptaFor Respondent: Shri Jitendra Sanghvi
Section 115JSection 14ASection 194HSection 40a

…sel for the assessee submitted that the issue has also been decided by the Hon'ble jurisdictional High Court in favour of the assessee in assessee’s own case in ITA No. 702/2017 dated 22.07.2019 by following the decision in the case of Cheminvest Ltd. vs CIT, 378 ITR 33 (Delhi) as the assessee was not having any income during the year by way of exempt income qua which the provisions of Section 14A of the Act could be applied. The learned counsel for the assessee submitted before the bench that in view of the said decisions, the ground no. 1 may kindly be dismissed. 4. The learned Departmental Representative fair…

Biocon Limited vs. The Deputy

In the result, the impugned order dated 30

ITA/416/2014HC Karnataka12 Jan 2021

Bench: ALOK ARADHE,R. NATARAJ

Section 10ASection 10BSection 14ASection 260Section 35

…1 IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 12TH DAY OF JANUARY 2021 PRESENT THE HON’BLE MR. JUSTICE ALOK ARADHE AND THE HON’BLE MR. JUSTICE NATARAJ RANGASWAMY I.T.A. NO.416 OF 2014 BETWEEN: BIOCON LIMITED 20TH KM, HOSUR ROAD ELECTRONICS CITY P.O. BANGALORE-560100 REP. HEREIN BY ITS DEPUTY GENERAL MANAGER TAX & COMPLIANCE MR. B. SHIVADUTT. .... APPELLANT (BY MR. SURYANARAYANA T, ADVOCATE) AND: 1. THE DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-11(2), C.R. BUILDING QUEENS ROAD, BANGALORE-560001. 2. THE COMMISSIONER OF INCOME-TAX LTU, JSS TOWERS, 100 FEET RING ROAD BAN…

Associated Broadcasting Company Private Limited, Hyderabad vs. Income Tax Officer, Ward-14(5), Hyderabad

ITA 1853/HYD/2019[2014-15]Status: DisposedITAT Hyderabad11 Jan 2021AY 2014-15

Bench: Shri Satbeer Singh Godara & Shri Laxmi Prasad Sahue.H. No. 35/Hyd/2020 & Assessment Year: 2014-15 Associated Broadcasting Vs. The I.T.O. Ward 14(5) Company Private Limited Hyderabad Hyderabad Pan: Aaeca2935P (Assessee Appellant) (Respondent) Assessee By: Sri Ravi Bharadwaj, Adv. Revenue By: Sri Y.V.S.T. Sai, Cit, Dr

For Appellant: Sri Ravi Bharadwaj, AdvFor Respondent: Sri Y.V.S.T. Sai, CIT, DR
Section 143(3)Section 14A

…in both the lower proceedings. We notice that the assessee has not derived any exempt income in the relevant previous year. We rely on the following case laws: ITA No. 1853/H19 AY 2014-15 Associated Broadcasting Co.Pvt.Ltd. (i) Cheminvest Ltd. Vs. CIT (2015) 378 ITR 33 (Delhi); (ii) CIT vs. Corrtech Energy Pvt.Ltd. (2014) 223 Taxman 130 (Guj.); (iii) CIT vs. Shivam Motors (2015) 230 Taxman 63 (All); (iv) CIT vs. Chettinad Logistics Pvt. Ltd. (2017) 80 Taxmann 55 (Mad) to hold that the impugned disallowance provision applies only in relation to exempt income than in absence thereof. We thus delete the impugned Se…

Jalco Financial Services (P) Ltd., New Delhi vs. DCIT, New Delhi

ITA 6219/DEL/2016[2008-09]Status: DisposedITAT Delhi18 Dec 2020AY 2008-09

Bench: Shri Anil Chaturvedi & Shri Kuldip Singh

For Appellant: NoneFor Respondent: Shri Arun Kumar Yadav, Senior DR
Section 14A

…wance u/s 14A. 3. That having regards to the fact that no dividend income was earned on shares held as investment, the action of the Ld. CIT (A) in upholding the disallowance u/s 14A is squarely against the order of Jurisdictional HC in Cheminvest Ltd. [2015] 378 ITR 33. 4. That the appellant craves the leave to add, modify, amend or delete any of the grounds of the appeal at the time of hearing. PRAYER:- In view of the facts and circumstances of the case, the appellant prays that the order of the Ld. CIT (A) upholding the disallowance u/s 14A be set aside or any other relief, which this Hon'ble Court deems fit a…

M/S. Oil Industry Development Board, New Delhi vs. ACIT, New Delhi

Appeal is dismissed

ITA 5591/DEL/2016[2011-12]Status: DisposedITAT Delhi09 Dec 2020AY 2011-12

Bench: Shri Anil Chaturvedi & Ms Suchitra Kamble(Through Video Conferencing) Oil Industry Development Vs Acit Board Circle-52(1) 301, World Trade Centre, New Delhi Babar Road, New Delhi Aaaj00032A (Respondent) (Appellant) Acit Vs Oil Industry Development Circle-52(1) Board New Delhi 301, World Trade Centre, Babar Road, New Delhi Aaaj00032A (Appellant) (Respondent)

Section 14ASection 36(1)Section 36(1)(xii)Section 37(1)

…year, the assessee Board had not earned any exempt income and accordingly provisions of Section 14A have no application. The Ld. AR relied upon the order of the CIT(A). The Ld. AR further relied upon the following decisions: i) Cheminvest Ltd. v. CIT [2015] 378 ITR 33 (Delhi HC) ii) CIT v. Walfort Share and Stock Brokers (P.) Ltd. [2010] 326 ITR 1 iii) Maxopp Investments Ltd. v. CIT [2018] 402 ITR 640 (SC) 11. We have heard both the parties and perused all the relevant material available on record. In order to attract the applicability of section 14A of the Act, an assessee has to incur expenditure. In the pre…

ACIT, New Delhi vs. M/S. Oil Industries Development Board, New Delhi

Appeal is dismissed

ITA 4074/DEL/2016[2011-12]Status: DisposedITAT Delhi09 Dec 2020AY 2011-12

Bench: Shri Anil Chaturvedi & Ms Suchitra Kamble(Through Video Conferencing) Oil Industry Development Vs Acit Board Circle-52(1) 301, World Trade Centre, New Delhi Babar Road, New Delhi Aaaj00032A (Respondent) (Appellant) Acit Vs Oil Industry Development Circle-52(1) Board New Delhi 301, World Trade Centre, Babar Road, New Delhi Aaaj00032A (Appellant) (Respondent)

Section 14ASection 36(1)Section 36(1)(xii)Section 37(1)

…year, the assessee Board had not earned any exempt income and accordingly provisions of Section 14A have no application. The Ld. AR relied upon the order of the CIT(A). The Ld. AR further relied upon the following decisions: i) Cheminvest Ltd. v. CIT [2015] 378 ITR 33 (Delhi HC) ii) CIT v. Walfort Share and Stock Brokers (P.) Ltd. [2010] 326 ITR 1 iii) Maxopp Investments Ltd. v. CIT [2018] 402 ITR 640 (SC) 11. We have heard both the parties and perused all the relevant material available on record. In order to attract the applicability of section 14A of the Act, an assessee has to incur expenditure. In the pre…

DCIT, Cir-6(2), Kolkata vs. West Bengal Infrastructure Development Finance Corporation Ltd., Kolkata

Appeal is dismissed

ITA 1509/KOL/2019[2012-13]Status: DisposedITAT Kolkata07 Dec 2020AY 2012-13

Bench: Shri P.M. Jagtap, Vice- & Shri S.S.Godaraassessment Year:2012-13

Section 143(3)Section 14A

…on. The issue is well settled by various judicial forums that in the absence of any exempt income, there could not be any occasion for resorting to Rue 8D r.w. section 14A of the Act. Hon'ble Delhi High Court in the case of Cheminvest Ltd. vs. CIT reported in 378 ITR 33 (Del) held that _”No disallowance u/s 14A can be made in a year in which no exempt income has been earned or received by the assessee. Section 14A of Income Tax Act, 1961 does not apply to shares bought for strategic purposes". Similarly, Hon'ble Delhi High court in the case of CIT vs. M/s Holcim India Private Ltd. held that "Expenditure could not…

Deputy Commissioner of Income Tax, Central Circle - 2(2), Bangalore vs. M/S. Assetz Infrastructure Private Limited, Bangalore

In the result, the appeal filed by the assessee and revenue are partly allowed

ITA 983/BANG/2019[2014-15]Status: DisposedITAT Bangalore02 Dec 2020AY 2014-15

Bench: Shri N.V. Vasudevan & Shri B.R. Baskaranassessment Year: 2014-15

For Appellant: Shri B. Sudheendra, A.RFor Respondent: Shri Sunil Kumar Agarwal, D.R
Section 14ASection 2(22)(e)Section 36(1)(iii)

…ITA No.563&983/Bang/2019 Assetz Infrastructure Pvt. Ltd., Bengaluru IN THE INCOME TAX APPELLATE TRIBUNAL “C’’ BENCH: BANGALORE BEFORE SHRI N.V. VASUDEVAN, VICE PRESIDENT AND SHRI B.R. BASKARAN, ACCOUNTANT MEMBER Assessment Year: 2014-15 M/s. Assetz Infrastructure Pvt. Ltd. 2/1, Second Floor, Deputy Commissioner Embassy Icon Annexe of Income-tax Infantry Road Vs. Circle-1(1)(1) Bengaluru-560 001 Bengaluru PAN NO : AAGCA7614K APPELLANT RESPONDENT Assessment Year: 2014-15 M/s. Assetz Infrastructure Deputy Commissioner of Pvt. Ltd. Income-tax 2/1, Second Floor, Embassy Vs. Circle-2(2) Icon Annexe Bengaluru In…

DCIT (It) 3(1)(1), Mumbai vs. Antwerp Diamond Bank Nv, Mumbai

In the result appeal filed by the revenue is dismissed

ITA 2759/MUM/2019[2014-15]Status: DisposedITAT Mumbai01 Dec 2020AY 2014-15
Section 195Section 40Section 9(1)(v)Section 9(1)(vi)

…the Income-tax Act, 1961 in case there is no exempt income is now well settled and one can refer to the following cases wherein the said proposition has been upheld: • ClT v/s. Delile Enterprises (ITA No 110 of 2009) (Born) • Cheminvest Ltd., v/s. CIT (2015) 378 ITR 33 (Delhi) • ACIT vs. Lafarge India Holding (P) Ltd., (2008)-(19 SOT 121) (Mum Trib) • CIT v/s Shivam Motors Pvt Ltd., (2015) 230 Taxman 63 (Allahabad) • CIT v/s. Corrtech Energy Pvt. Ltd.. (233 Taxman 130) (Gujarat) • ACIT v/s. Mr. M. Baskaran (ITA No.1717/Mds/2013) • CIT v/s.Lakhani Marketing Inc (2015) 226 Taxman 45 (P & H) • Huntsman Internationa…

Tarini Steel Company Ltd, Pune vs. Deputy Commissioner of Income-Tax, Circle - 10, Pune

In the result, the appeal is allowed

ITA 13/PUN/2018[2012-13]Status: DisposedITAT Pune26 Nov 2020AY 2012-13

Bench: Shri R.S. Syal & Shri Partha Sarathi Chaudhuryassessment Year : 2012-13

Section 14A

…ice. It is seen as an admitted position that the assessee did not earn any exempt income from the shares. Despite that, the AO has computed the disallowance u/s.14A to the tune of Rs.2,13,600/-. 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. More recently the Hon’ble jurisdictional High Court in Pr. CIT VS. Kohinoor Projects Pvt. Ltd. (2020) 425…

Shri Ramalinga Mills Ltd., Aruppukottai vs. ACIT Corporate Circle 2, Madurai

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

ITA 686/CHNY/2019[2014-15]Status: DisposedITAT Chennai10 Nov 2020AY 2014-15

Bench: Shri Mahavir Singh, Vice- & Shri G.Manjunathaआयकरअपीलसं./I.T.A.No.686/Chny/2019 ("नधा"रणवष" / Assessment Year: 2014-15) M/S.Shri Ramalinga Mills Ltd., Vs The Assistant Commissioner Of 212, Ramasamy Nagar, Income Tax, Aruppukottaoi-626 159. Corporate Circle-2 Madurai. Pan:Aadcs 8769A (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Mr. R.Anita,JCITFor Respondent: 10.11.2020
Section 10Section 11Section 115JSection 143(3)Section 14ASection 92C

…rned for the year. In other words, disallowance of expenditure u/s.14A read with Rule 8D shall not exceed exempt income earned for the year. This principle is 5 supported by the decision of Hon’ble Delhi High Court in the case of Cheminvest Ltd. vs.CIT (2015) 378 ITR 33, where it was clearly held that disallowance of expenditure u/s 14A shall not exceed exempt income earned for the year . A similar view has been taken by the Chennai Bench of the Tribunal in the case of M/s.Voltech Engineers Pvt. Ltd Vs. DCIT (2017) 163 ITD 469. In this case, although the dividend income earned for the year is at ` 24,611/-, the…

Doha Bank, India Branches, Mumbai vs. DCIT (It)4(2), Mumbai

The appeal of the assessee is partly allowed in terms of our aforesaid observations

ITA 3684/MUM/2016[2009-10]Status: DisposedITAT Mumbai06 Nov 2020AY 2009-10

Bench: Shri Pramod Kumar & Shri Ravish Soodit(Tp)A Nos.3684 & 3685/Mum/2016 (Assessment Years: 2009-10 & 2010-11)

For Appellant: Shri Niraj Sheth, A.RFor Respondent: Shri Akhtar Hussain Ansari &
Section 143(1)Section 143(2)Section 14ASection 92C

…is liable to be restricted to the extent of the exempt interest income. Our aforesaid view is fortified by the judgments of the Hon’ble High Court of Delhi in the case of JCIT Vs. Joint Investments Pvt.ltd. (2015) 372 ITR 694 (Del) and Cheminvest Ld. Vs. CIT 378 ITR 33 (Del). Accordingly, in terms of our aforesaid observations, the A.O is directed to restrict the disallowance under Sec.14A to the extent of the amount of the exempt income of the assessee for the year under consideration. Before parting, we may herein observe that the concession on the part of the assessee for not pressing the other grounds of app…

Snj Distillers Pvt Ltd., Chennai vs. ACIT Central Circle-2(1), Chennai

In the result, the appeals filed by the Revenue for Asst

ITA 2993/CHNY/2019[2017-18]Status: DisposedITAT Chennai04 Nov 2020AY 2017-18

Bench: Shri Duvvuru Rl Reddy & Shri G. Manjunathaआयकर अपील सं./I.T.A.Nos.2703, 2704, 2705/Chny/2019, ("नधा"रण वष" / Assessment Years: 2014-15,2015-16 & 2016-17) The Dcit, Vs M/S. Snj Distillers Pvt. Ltd. Central Circle 2(1), Old No.47, New No.99, Chennai – 600 034. Canal Bank Road, Cit Nagar, Nandanam, Chenani – 600 035. Pan: Aalcs9312F (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकर अपील सं./I.T.A.Nos.2194, 2195 & 2993/Chny/2019, ("नधा"रण वष" / Assessment Years: 2015-16, 2016-17 & 2017-18) Vs The Acit, M/S. Snj Distillers Pvt. Ltd. Old No.47, New No.99, Central Circle 2(1), Canal Bank Road, Chennai – 600 034. Cit Nagar, Nandanam, Chenani – 600 035. Pan: Aalcs9312F (अपीलाथ"/Appellant) (""यथ"/Respondent) "नधा"रतीक" ओर से/Assessee By : Shri D. Anand, Advocate : राज"कीओरसे /Revenue By Shri Ar.V. Sreenivasan, Addl.Cit : सुनवाई क" तार"ख/Date Of Hearing 13.10.2020 घोषणा क" तार"ख /Date Of Pronouncement : 04.11.2020

For Appellant: Shri D. Anand, Advocate
Section 132Section 139Section 143(1)Section 14ASection 234A

…which held that in the absence of any exempt income disallowance U/s.14A of the Act of any amount was not permissible. The Hon’ble Supreme Court while arriving at a conclusion has followed its earlier decision in the case of Cheminvest Limited vs. CIT [2015] 378 ITR 33, where a similar view has been expressed by the court. In this case, the assessee has filed all evidences to prove the fact that no exempt income is earned for the year. The assessee has also filed all evidences to prove that its own fund being share capital and reserves and surplus is over and above amount of investments. Under these facts, no di…