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.

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 33)

ACIT, Central Circle-29, New Delhi vs. Wave Infratech Pvt. Ltd., Noida

In the result, the appeals filed by the Revenue in respect of the above three assessees are dismissed

ITA 5595/DEL/2017[2014-15]Status: DisposedITAT Delhi31 Dec 2019AY 2014-15

Bench: Ms Sushma Chowla & Shri R.K. Pandaassessment Year: 2014-15 Ito, Vs M/S Acb India Power Ltd., Ward1(1) C-102, Lgf Surya Enclave, New Delhi. New Multan Nagar, New Delhi. Pan : Aaica7305D Assessee By : Ms Ananya Kapoor, Advocate Deptt. By : Shri Sanjog Kapoor, Sr. Dr Assessment Year: 2014-15 Ito,Ward 3(2), Vs. Arbutus Construcyion Ltd., New Delhi. M062 & 63, First Floor, Connaught Place, New Delhi. Pan: Aaica8172A Assessee By : Nipun Jain, Advocate Deptt.By : Shri Sanjog Kapoor, Sr. Dr Assessment Year: 2014-15 Acit, Vs. Wave Infratech Pvt. Ltd., Central Circle-29, C-1, Sector-3, New Delhi. Noida. Pan: Aaacw7708G Assessee By : Ms Ananya Kapoor, Advocate Deptt. By : Shri Surendra Pal, Sr. Dr (Appellants) (Respondents)

For Appellant: Ms Ananya Kapoor, Advocate

Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH : A : NEW DELHI BEFORE MS SUSHMA CHOWLA, JUDICIAL MEMBER AND SHRI R.K. PANDA, ACCOUNTANT MEMBER Assessment Year: 2014-15 ITO, Vs M/s ACB India Power Ltd., Ward1(1) C-102, LGF Surya Enclave, New Delhi. New Multan Nagar, New Delhi. PAN : AAICA7305D Assessee by : Ms Ananya Kapoor, Advocate Deptt. By : Shri Sanjog Kapoor, Sr. DR Assessment Year: 2014-15 ITO,Ward 3(2), Vs. Arbutus Construcyion Ltd., New Delhi. M062 & 63, first Floor, Connaught Place, New Delhi. PAN: AAICA8172A Assessee by : Nipun Jain, Advocate Deptt.by : Shri Sanjog Kapoor, Sr. DR Assessment Year:…

ITO, Ward-3(2), New Delhi vs. Arbutus Construcyion Ltd., New Delhi

In the result, the appeals filed by the Revenue in respect of the above three assessees are dismissed

ITA 5390/DEL/2017[2014-15]Status: DisposedITAT Delhi31 Dec 2019AY 2014-15

Bench: Ms Sushma Chowla & Shri R.K. Pandaassessment Year: 2014-15 Ito, Vs M/S Acb India Power Ltd., Ward1(1) C-102, Lgf Surya Enclave, New Delhi. New Multan Nagar, New Delhi. Pan : Aaica7305D Assessee By : Ms Ananya Kapoor, Advocate Deptt. By : Shri Sanjog Kapoor, Sr. Dr Assessment Year: 2014-15 Ito,Ward 3(2), Vs. Arbutus Construcyion Ltd., New Delhi. M062 & 63, First Floor, Connaught Place, New Delhi. Pan: Aaica8172A Assessee By : Nipun Jain, Advocate Deptt.By : Shri Sanjog Kapoor, Sr. Dr Assessment Year: 2014-15 Acit, Vs. Wave Infratech Pvt. Ltd., Central Circle-29, C-1, Sector-3, New Delhi. Noida. Pan: Aaacw7708G Assessee By : Ms Ananya Kapoor, Advocate Deptt. By : Shri Surendra Pal, Sr. Dr (Appellants) (Respondents)

For Appellant: Ms Ananya Kapoor, Advocate

Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH : A : NEW DELHI BEFORE MS SUSHMA CHOWLA, JUDICIAL MEMBER AND SHRI R.K. PANDA, ACCOUNTANT MEMBER Assessment Year: 2014-15 ITO, Vs M/s ACB India Power Ltd., Ward1(1) C-102, LGF Surya Enclave, New Delhi. New Multan Nagar, New Delhi. PAN : AAICA7305D Assessee by : Ms Ananya Kapoor, Advocate Deptt. By : Shri Sanjog Kapoor, Sr. DR Assessment Year: 2014-15 ITO,Ward 3(2), Vs. Arbutus Construcyion Ltd., New Delhi. M062 & 63, first Floor, Connaught Place, New Delhi. PAN: AAICA8172A Assessee by : Nipun Jain, Advocate Deptt.by : Shri Sanjog Kapoor, Sr. DR Assessment Year:…

ITO, Ward-1(1), New Delhi vs. M/S Acb India Power Ltd., New Delhi

In the result, the appeals filed by the Revenue in respect of the above three assessees are dismissed

ITA 5387/DEL/2017[2014-15]Status: DisposedITAT Delhi31 Dec 2019AY 2014-15

Bench: Ms Sushma Chowla & Shri R.K. Pandaassessment Year: 2014-15 Ito, Vs M/S Acb India Power Ltd., Ward1(1) C-102, Lgf Surya Enclave, New Delhi. New Multan Nagar, New Delhi. Pan : Aaica7305D Assessee By : Ms Ananya Kapoor, Advocate Deptt. By : Shri Sanjog Kapoor, Sr. Dr Assessment Year: 2014-15 Ito,Ward 3(2), Vs. Arbutus Construcyion Ltd., New Delhi. M062 & 63, First Floor, Connaught Place, New Delhi. Pan: Aaica8172A Assessee By : Nipun Jain, Advocate Deptt.By : Shri Sanjog Kapoor, Sr. Dr Assessment Year: 2014-15 Acit, Vs. Wave Infratech Pvt. Ltd., Central Circle-29, C-1, Sector-3, New Delhi. Noida. Pan: Aaacw7708G Assessee By : Ms Ananya Kapoor, Advocate Deptt. By : Shri Surendra Pal, Sr. Dr (Appellants) (Respondents)

For Appellant: Ms Ananya Kapoor, Advocate

Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH : A : NEW DELHI BEFORE MS SUSHMA CHOWLA, JUDICIAL MEMBER AND SHRI R.K. PANDA, ACCOUNTANT MEMBER Assessment Year: 2014-15 ITO, Vs M/s ACB India Power Ltd., Ward1(1) C-102, LGF Surya Enclave, New Delhi. New Multan Nagar, New Delhi. PAN : AAICA7305D Assessee by : Ms Ananya Kapoor, Advocate Deptt. By : Shri Sanjog Kapoor, Sr. DR Assessment Year: 2014-15 ITO,Ward 3(2), Vs. Arbutus Construcyion Ltd., New Delhi. M062 & 63, first Floor, Connaught Place, New Delhi. PAN: AAICA8172A Assessee by : Nipun Jain, Advocate Deptt.by : Shri Sanjog Kapoor, Sr. DR Assessment Year:…

M/S. Vikon Engineering Pvt. Ltd., New Delhi vs. ACIT, New Delhi

Appeal of the assessee is allowed

ITA 3345/DEL/2015[2010-11]Status: DisposedITAT Delhi31 Dec 2019AY 2010-11

Bench: Sh. G. S. Pannu & Ms Suchitra Kamblei.T.A. No. 3345/Del/2015 (A.Y 2010-11) Vikon Engineering Pvt. Ltd., Vs Acit, 31, First Floor, Sunder Nagar, Centre Circle – 5, New Delhi. New Delhi (Pan : Aabcv 7701 K) (Appellant) (Respondent)

Section 143(2)Section 143(3)Section 14ASection 40Section 43B

…ted because there is no exempt income claimed by the assessee. In fact, the income was derived only from house property and there is no other investment. The Ld. AR relied upon the decision of the Hon’ble Delhi High Court in case of Cheminvest Limited vs. CIT 378 ITR 33 as well as subsequent decision of the jurisdictional High Court in case of PCIT vs. M/s. Oil Industry Development Board (ITA No.197/2018 order dated 16.02.2018) which was subsequently affirmed by the Hon’ble Apex Court in SLP Diary No(s). 2755/2019 order dated 08.02.2019 relying upon Hon’ble Apex Court decision in case of CIT vs. Essar Teleholding…

Mesers Construction Engineers, Jammu & Kashmir vs. Assistant Commissioner of Income Tax, Circle 3, Srinagar

In the result, the appeal filed by the assessee stands partly allowed

ITA 129/ASR/2018[2011-12]Status: DisposedITAT Amritsar30 Dec 2019AY 2011-12

Bench: Sh. N.K.Choudhry & Dr. A.L.Sainiassessment Year: 2011-12

For Appellant: Sh. M.A. Mir (Ld. Cost Accountant)For Respondent: Sh. Charan Dass (Ld. DR)

Section 14ASection 250(6)Section 40

…IN THE INCOME TAX APPELLATE TRIBUNAL AMRITSAR BENCH, AMRITSAR BEFORE SH. N.K.CHOUDHRY, JUDICIAL MEMBER AND DR. A.L.SAINI, ACCOUNTANT MEMBER Assessment Year: 2011-12 M/s. Construction Engineers, Asst. CIT, 54-IE, Baghat Barzullah, Circle-3, Srinagar. Vs. Sringar. [PAN:AABFC 7715P] (Appellant) (Respondent) Appellant by: Sh. M.A. Mir (Ld. Cost Accountant) Respondent by: Sh. Charan Dass (Ld. DR) Date of hearing: 28.11.2019 Date of pronouncement: 30.12.2019 ORDER PER N.K.CHOUDHRY, JM: The instant appeal has been preferred by the assessee against the impugned order dated 30.06.2016 passed by the ld. CIT(A…

Deputy Commissioner of Income Tax Central Circle-1(3), Bangalore vs. M/S Pune Dynasty Projects Pvt Ltd, Bangalore

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

ITA 3260/BANG/2018[2014-15]Status: DisposedITAT Bangalore26 Dec 2019AY 2014-15

Bench: Shri B.R Baskaran & Shri Pavan Kumar Gadale

For Appellant: Shri Anushri, C.AFor Respondent: Shri G Gurusamy, CIT (DR)

Section 14A

…me. The Revenue is aggrieved. 4. We heard the parties and perused the record. We noticed that the ld CIT(A) has followed the decision rendered by Hon’ble Delhi High Court in the case of Joint Investments Ltd., (372 ITR 694) and Cheminvest Ltd. Vs. ITO (2015)(378 ITR 33). to come to the conclusion that disallowance u/s 14A is not warranted when the assessee did not earn any exempt income and if any exempt income is earned by the assessee, then the disallowance u/s14A ITA Nos.3260 & 3261 /Bang/2018 Page 3 of 5 should not exceed the amount of exempt income. The following observations made by Hon’ble Delhi High C…

Sunil Hingorani, Mumbai vs. ITO 16(1)(4), Mumbai

In the result, the ground no

ITA 5951/MUM/2018[2014-15]Status: DisposedITAT Mumbai20 Dec 2019AY 2014-15

Bench: Shri Shamim Yahya (Am) & Shri Pawan Singh (Jm) Shri Sunil Hingorani Vs Ito-16(1)(4), 104, Nibhana Annex, Room No. 438, Pali Hill, Bandra (W), Aayakar Bhawan, Mumbai-400 050 New Marine Lines, Pan : Aaaph1482P Mumbai -400020 Appellant Respondednt

Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “SMC”, MUMBAI Before Shri Shamim Yahya (AM) & Shri Pawan Singh (JM) Shri Sunil Hingorani Vs ITO-16(1)(4), 104, Nibhana Annex, Room No. 438, Pali Hill, Bandra (W), Aayakar Bhawan, Mumbai-400 050 New Marine Lines, PAN : AAAPH1482P Mumbai -400020 APPELLANT RESPONDEDNT Appellant by Shri Ajay Sekhri AR Respondent by Shri Akhtar H Ansari SR DR Date of hearing 27-11-2019 Date of pronouncement 20-12-2019 O R D E R PER PAWAN SINGH, JM : 1. This appeal filed by the assessee is directed against the order of the learned CIT(A)-4, Mumbai dated 27-09-2018, which arises fro…

ACIT, New Delhi vs. M/S Il & Fs Energy Development Co. Ltd., New Delhi

In the result, appeal of Revenue is dismissed

ITA 329/DEL/2017[2012-13]Status: DisposedITAT Delhi19 Dec 2019AY 2012-13

Bench: Ms. Sushma Chowla, Jm & Sh. N.K.Billaiya, Am

For Appellant: Sh. A.K.Saroha, CIT DRFor Respondent: None

Section 143(3)Section 14A

…आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण, "द"ली आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण "द"ली "द"ली "यायपीठ "द"ली "यायपीठ "यायपीठ “सी "यायपीठ सी”, नई नई नई "द"ली नई "द"ली "द"ली म"म"म"म" "द"ली सी सी IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘C’, NEW DELHI सुौी सुषमा चावला सुौी सुषमा चावला सुौी सुषमा चावला, , , , "याियक सदःय एवं सुौी सुषमा चावला "याियक सदःय एवं "याियक सदःय एवं "याियक सदःय एवं ौी ौी ौी एन ौी एन एन.के एन के के."ब"लैया के "ब"लैया "ब"लैया, लेखा सदःय के "ब"लैया लेखा सदःय के लेखा सदःय के सम" लेखा सदःय के सम" सम" सम" BEFORE MS. SUSHMA CHOWLA, JM & SH. N.K.BILLAIYA, AM आयकर अपील सं आयकर अपील सं. / I…

United Leasing & Industries Ltd., New Delhi vs. ITO, Ward- 27(1), New Delhi

In the result, the appeal filed by the assessee stands allowed for

ITA 1004/DEL/2019[2013-14]Status: DisposedITAT Delhi17 Dec 2019AY 2013-14

Bench: Shri H. S. Sidhu

For Appellant: Sh. Y.K. Sharma, CAFor Respondent: Sh. Pradeep Singh Gautam, Sr. DR

Section 14ASection 8D

…the Income Tax Act, 1961 may be set aside to the Assessing Officer to decide the same fresh as per law as well as per the decisions of Hon’ble Delhi High Court in the case of CIT vs. Holcim India P. Ltd 272 CTR 542 (Del.) and Cheminvest Ltd. v. CIT [2015] 378 ITR 33 (Del.) 3. On the contrary, learned DR relied upon the order passed by the Revenue authority and did not seriously opposed the request of the assessee. 4. I have heard both the parties and perused the relevant record specially order passed by the Revenue authority and I am of the view that in the interest of justice, the request of the learned c…

M/S. Eveready Industries India Ltd., Kolkata vs. Pr.CIT-4, Kolkata

In the result, the appeal of the assessee stands allowed

ITA 805/KOL/2019[2014-15]Status: DisposedITAT Kolkata13 Dec 2019AY 2014-15

Bench: Shri A. T. Varkey, Jm & Dr. A. L. Saini, Am]

Section 143(3)Section 14ASection 263

…1 Eveready Industries India Ltd, AY- 2014-15 आयकर अपील"य अधीकरण, "यायपीठ – “A” कोलकाता, IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH: KOLKATA (सम") "ी ऐ. ट". वक", "यायीक सद"य एवं डॉ. अजु"न लाल सैनी, लेखा सद"य) [Before Shri A. T. Varkey, JM & Dr. A. L. Saini, AM] ITA No.805 /Kol/2019 Assessment Year: 2014-15 Eveready Industries India Ltd. Vs. Principal Commissioner of Income-tax, (PAN: AAACE5778N) Kolkat-4, Kolkata. Appellant Respondent Date of Hearing 22.10.2019 Date of Pronouncement 13.12.2019 For the Appellant Shri Dilip S. Damle, FCA For the Respondent Dr. P. K. Srihari, CIT, DR ORDER Per Shri A.T.Va…

DCIT- CC-5(1), Mumbai vs. Hubtown Ltd., Mumbai

In the result, cross objection filed by the assesee is treated as allowed for statistical purpose

ITA 2764/MUM/2018[2013-14]Status: DisposedITAT Mumbai13 Dec 2019AY 2013-14

Bench: Shri G. Manjunatha & Shri Ravish Sooddcit, Cc-5(1) Vs. M/S. Hubtown Ltd. Room No.1928 19Th Floor Akruti Trade Centre, 6Th Floor Air India Building, Nariman Point Road No.7, Marol-Midc Mumbai-400 021 Andheri(E) Mumbai-400 093

Section 143(3)Section 14ASection 80Section 80I

…372 ITR 694(Del) held that disallowances contemplated u/s 14A shall not shallow entire exempt income earned for the year under consideration. A similar view has been expressed by the Hon’ble Delhi High Court, in the case of Chem investment Ltd. vs CIT (2015) 378 ITR 33(Del), where it was held that disallowances shall not exceed exempt income earned for the year under consideration. Further, the Hon’ble Delhi High Court, in the case of ACB vs ACIT (supra) and CIT vs Interglobe enterprises Limited(supra) had considered an identical issue and held that for the purpose of disallowances u/s 14A of the Act, only those…

DCIT, Circle- 7(1), New Delhi vs. Dlf Brands Ltd., New Delhi

In the result, both the appeals of the revenue are dismissed and Cross Objection of the assessee is allowed

ITA 4152/DEL/2017[2012-13]Status: DisposedITAT Delhi13 Dec 2019AY 2012-13

Bench: Sh. H. S. Sidhudr. B. R. R. Kumarita No. 4151/Del/2017 : Asstt. Year : 2011-12 Ita No. 4152/Del/2017 : Asstt. Year : 2012-13 Deputy Commissioner Of Income Vs M/S Dlf Brands Ltd., Tax, Circle-7(1), 1-E, Naaz Cinema Complex, New Delhi Jhandewalan Extension, New Delhi-55 (Appellant) (Respondent) Pan No. Aafca7971E Co No. 196/Del/2017 (In Ita No. 4151/Del/2017 : Asstt. Year : 2011-12) M/S Dlf Brands Ltd., Vs Deputy Commissioner Of Income 1-E, Naaz Cinema Complex, Tax, Circle-7(1), Jhandewalan Extension, New Delhi New Delhi-55 (Appellant) (Respondent) Pan No. Aafca7971E Assessee By : Sh. R. S. Singhvi, Ca Revenue By : Ms. Ashima Neb, Sr. Dr Date Of Hearing: 10.12.2019 Date Of Pronouncement: 13.12.2019

For Appellant: Sh. R. S. Singhvi, CAFor Respondent: Ms. Ashima Neb, Sr. DR

Section 14ASection 36(1)(iii)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘B’, NEW DELHI Before Sh. H. S. Sidhu, Judicial Member Dr. B. R. R. Kumar, Accountant Member ITA No. 4151/Del/2017 : Asstt. Year : 2011-12 ITA No. 4152/Del/2017 : Asstt. Year : 2012-13 Deputy Commissioner of Income Vs M/s DLF Brands Ltd., Tax, Circle-7(1), 1-E, Naaz Cinema Complex, New Delhi Jhandewalan Extension, New Delhi-55 (APPELLANT) (RESPONDENT) PAN No. AAFCA7971E CO No. 196/Del/2017 (in ITA No. 4151/Del/2017 : Asstt. Year : 2011-12) M/s DLF Brands Ltd., Vs Deputy Commissioner of Income 1-E, Naaz Cinema Complex, Tax, Circle-7(1), Jhandewalan Extension, New…

DCIT, Circle- 7(1), New Delhi vs. Dlf Brands Ltd., New Delhi

In the result, both the appeals of the revenue are dismissed and Cross Objection of the assessee is allowed

ITA 4151/DEL/2017[2011-12]Status: DisposedITAT Delhi13 Dec 2019AY 2011-12

Bench: Sh. H. S. Sidhudr. B. R. R. Kumarita No. 4151/Del/2017 : Asstt. Year : 2011-12 Ita No. 4152/Del/2017 : Asstt. Year : 2012-13 Deputy Commissioner Of Income Vs M/S Dlf Brands Ltd., Tax, Circle-7(1), 1-E, Naaz Cinema Complex, New Delhi Jhandewalan Extension, New Delhi-55 (Appellant) (Respondent) Pan No. Aafca7971E Co No. 196/Del/2017 (In Ita No. 4151/Del/2017 : Asstt. Year : 2011-12) M/S Dlf Brands Ltd., Vs Deputy Commissioner Of Income 1-E, Naaz Cinema Complex, Tax, Circle-7(1), Jhandewalan Extension, New Delhi New Delhi-55 (Appellant) (Respondent) Pan No. Aafca7971E Assessee By : Sh. R. S. Singhvi, Ca Revenue By : Ms. Ashima Neb, Sr. Dr Date Of Hearing: 10.12.2019 Date Of Pronouncement: 13.12.2019

For Appellant: Sh. R. S. Singhvi, CAFor Respondent: Ms. Ashima Neb, Sr. DR

Section 14ASection 36(1)(iii)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘B’, NEW DELHI Before Sh. H. S. Sidhu, Judicial Member Dr. B. R. R. Kumar, Accountant Member ITA No. 4151/Del/2017 : Asstt. Year : 2011-12 ITA No. 4152/Del/2017 : Asstt. Year : 2012-13 Deputy Commissioner of Income Vs M/s DLF Brands Ltd., Tax, Circle-7(1), 1-E, Naaz Cinema Complex, New Delhi Jhandewalan Extension, New Delhi-55 (APPELLANT) (RESPONDENT) PAN No. AAFCA7971E CO No. 196/Del/2017 (in ITA No. 4151/Del/2017 : Asstt. Year : 2011-12) M/s DLF Brands Ltd., Vs Deputy Commissioner of Income 1-E, Naaz Cinema Complex, Tax, Circle-7(1), Jhandewalan Extension, New…

M/S. Religare Securities Ltd., New Delhi vs. ACIT, New Delhi

The appeal of the assessee stands allowed in terms of our directions contained in the preceding

ITA 2282/DEL/2013[2008-09]Status: DisposedITAT Delhi13 Dec 2019AY 2008-09

Bench: Shri N.K. Billaiya & Shri Sudhanshu Srivastavaasstt. Year: 2008-09

For Appellant: Shri Rohit Jain, AdvocateFor Respondent: Smt. Sulekha Verma, CIT(DR)

Section 143(1)Section 14ASection 28Section 36Section 36(1)(ii)Section 37(1)

…. This decision follows the ratio and judgment of the Supreme Court in the case of Maxopp Investments Ltd. vs. CIT (2018) 402 ITR 640 44 M/s. Religare Securities Ltd. vs ACIT (SC) and the earlier judgments of the Delhi High Court in Cheminvest vs. CIT (2015) 378 ITR 33 and CIT vs. Holcim Pvt. Ltd. (2014) 272 CTR (Del.) 282. Relevant portion of the judgment in McDonalds India Pvt. Ltd.(supra) reads:- "8. The decision in the case of Maxopp Investment Ltd. (Supra) is significant and does answer the question in issue. This decision does not support the Revenue as the Assessing Officer in the case of Maxopp Investme…

Trimurty Colonizers & Building P Ltd., Jaipur vs. Income Tax Officer, Jaipur

In the result, the appeal of the assessee is partly allowed

ITA 191/JPR/2018[2013-14]Status: DisposedITAT Jaipur05 Dec 2019AY 2013-14

For Appellant: Shri Rohan Sogani (C.A.)For Respondent: Smt. Roonipal (JCIT)

Section 14A

…erefore, in view of the binding precedents on this issue, the disallowance made U/s 14A read with Rule 8D(2)(iii) of the Rules, cannot be more than the exempt income. The Hon’ble Delhi High Court in the case of Cheminvest Ltd. v. Commissioner of Income-tax-IV 378 ITR 33 has held that if there is no exempt income earned by the assessee during the year, no disallowance can be made on account of administrative expenditure, therefore, we find that the disallowance restricted by the ld. CIT(A) to the extent of exempt income is proper and justified.” 3. Per contra, the ld. DR has relied on the finding of the lower aut…