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

ACIT, New Delhi vs. M/S. Lg Chemical India (P) Ltd., New Delhi

ITA 4164/DEL/2016[2011-12]Status: DisposedITAT Delhi29 Jul 2019AY 2011-12

Bench: Shri R.K. Panda & Shri Kuldip Singh

For Appellant: Shri Vishal Kalra, AdvocateFor Respondent: Smt. Naina Soin Kapil, Senior DR
Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH ‘D’ : NEW DELHI) BEFORE SHRI R.K. PANDA, ACCOUNTANT MEMBER and SHRI KULDIP SINGH, JUDICIAL MEMBER ITA No.4164/Del./2016 (ASSESSMENT YEAR : 2011-12) ITA No.5013/Del./2016 (ASSESSMENT YEAR : 2013-14) ITA No.6402/Del./2017 (ASSESSMENT YEAR : 2014-15) ACIT, Circle 15 (1), vs. M/s. LG Chemical India Pvt. Ltd., 3B, 3rd Floor, Arjun Nagar, New Delhi. Safdarjung Enclave, New Delhi – 110 029. (PAN : AAACL1995J) (APPELLANT) (RESPONDENT) ASSESSEE BY : Shri Vishal Kalra, Advocate Shri S.S. Tomar, Advocate REVENUE BY : Smt. Naina Soin Kapil, Senior DR Date of Hearing : 25.07.…

Deputy Commissioner of Income Tax Circle-1(1)(1), Bangalore vs. M/S Avesthagen Limited, Bangalore

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

ITA 291/BANG/2019[2013-14]Status: DisposedITAT Bangalore26 Jul 2019AY 2013-14

Bench: Shri B.R Baskaran & Smt. Beena Pillaiassessment Year : 2013-14

For Appellant: Shri R.N Siddappaji, Addl. CITFor Respondent: Shri Gururajan
Section 14A

…income. Accordingly he has deleted the addition made by the AO u/s 14A of the Act. 6. We noticed that the view taken by the Ld CIT(A) also gets support from the decision rendered by Hon’ble Delhi High Court in the case of Cheminvest Investment Ltd. Vs. CIT, 378 ITR 33. Since the assessee did not earn exempt income, no disallowance u/s 14A is called for as per the decision rendered by Hon’ble Delhi High Page 3 of 4 Court in the above cited case. Accordingly we do not find any reason to interfere with the order passed by ld CIT(A). 7. In the result, the appeal filed by the Revenue is dismissed. Order pronounce…

Deputy Commissioner of Income Tax 1(3)(2), Mumbai vs. Virtuous Shopping Centers Limited, Mumbai

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

ITA 2126/MUM/2018[2014-15]Status: DisposedITAT Mumbai25 Jul 2019AY 2014-15

Bench: Sri Mahavir Singh, Jm & Sri M Balaganesh, Am

For Appellant: Shri Rajeev Gubgotra, DRFor Respondent: Shri Nitesh Joshi, AR
Section 143(3)Section 14ASection 36

…igh Court in the case of in the case of Pr. CIT vs. Ballarpur Industries Limited in Income Tax Appeal No. 51 of 3 2016, wherein this issue has been considered following the judgment of Hon’ble Delhi High Court in the case of Chem invest Limited vs. CIT (2015) 378 ITR 33 (Delhi) held as under: - “On hearing the learned Counsel for the Department and on a perusal of the impugned orders, it appears that both the Authorities have recorded a clear finding of fact that there was no exempt income earned by the assessee. While holding so, the Authorities relied on the judgment of the Delhi High Court in Income Tax Appea…

Assistant Commissioner of Income Tax 14(3)(2), Mumbai vs. Sundaram Multipap Limited, Mumbai

In the result, the appeal filed by the revenue is hereby ordered to be dismissed

ITA 1851/MUM/2018[2014-15]Status: DisposedITAT Mumbai25 Jul 2019AY 2014-15

Bench: Shri Ramit Kochar, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No.1851/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2014-15) Acit-14(3)(2) बिधम/ M/S. Sundaram Multipap Room No.482(1), 4Th Floor, Ltd. Vs. Aayakar Bhavan, M.K. 903, Dev Plaza, Opp. Marg, New Marine Lines, Andheri, Fire Station, S.V. Mumbai-400020. Road, Andheri(W), Mumbai- 400058. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aadcs7829K (अपीलाथी /Appellant) (प्रत्यथी / Respondent) .. Revenue By: Shri Chaudhary Arun Kumar Singh (Sr. Ar) Assessee By: Shri Anuj Kisnadwala सुनवाई की तारीख / Date Of Hearing: 23/07/2019 घोषणा की तारीख /Date Of Pronouncement: 25/07/2019 आदेश / O R D E R Per Amarjit Singh, Jm: The Revenue Has Filed The Present Appeal Against The Order Dated 12.12.2017 Passed By The Commissioner Of Income Tax (Appeals) -22, Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y.2014- 15. 2. The Revenue Has Raised The Following Grounds: -

For Appellant: Shri Anuj KisnadwalaFor Respondent: Shri Chaudhary Arun Kumar
Section 115JSection 143(1)Section 143(2)Section 14A

…not exempt factually. In computation of income, the assessee nowhere showed the said income as exempt. In brief, the assessee nowhere earned any exempt income in the relevant assessment year. The CIT(A) has relied upon the decision of the Cheminvest Vs. CIT (378 ITR 33) (Del) and others relevant law mentioned above in the said order. Further, we found that the case of the assessee duly been covered by the assessee’s own case for the A.Y. 2012-13 in ITA. No.5327/M/2015 and Ors and for the A.Y. 2013- 14 in ITA. No.6269/M/2017 and Ors. In brief, the assessee nowhere earned any exempt income, therefore, no disallowa…

Tulsi Extrusions Ltd., Jalgaon vs. Joint Commisssioner of Income-Tax

In the result, appeal of the Revenue in ITA No

ITA 1434/PUN/2014[2010-11]Status: DisposedITAT Pune19 Jul 2019AY 2010-11

Bench: Shri R.S.Syal, Vp & Shri Partha Sarathi Chaudhury, Jm आयकर अपीऱ सं. / Ita No.1434/Pun/2014 नििाारण वषा / Assessment Year : 2010-11 Tulsi Extrusions Ltd. N-99 & 100, Midc Area, Ajantha Road, Jalgaon, Dist. Jalgaon, Pin-425 003 Pan : Aaact8441P .......अऩीऱाथी / Appellant बिाम / V/S. The Joint Commissioner Of Income Tax, Range-1, Jalgaon. ……प्रत्यथी / Respondent

For Appellant: Shri Sunil GanooFor Respondent: Ms. Kesang Y Sherpa
Section 14A

…आयकर अपीऱीय अधिकरण “सी” न्यायपीठ पुणे में । IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, PUNE BEFORE SHRI R.S.SYAL, VP AND SHRI PARTHA SARATHI CHAUDHURY, JM आयकर अपीऱ सं. / ITA No.1434/PUN/2014 नििाारण वषा / Assessment Year : 2010-11 Tulsi Extrusions Ltd. N-99 & 100, MIDC Area, Ajantha Road, Jalgaon, Dist. Jalgaon, Pin-425 003 PAN : AAACT8441P .......अऩीऱाथी / Appellant बिाम / V/s. The Joint Commissioner of Income Tax, Range-1, Jalgaon. ……प्रत्यथी / Respondent आयकर अपीऱ सं. / ITA No.1549/PUN/2014 नििाारण वषा / Assessment Year : 2010-11 The Deputy Commissioner of Income Tax, Circle-1, Jalgaon. .......अऩीऱाथ…

Dy. CIT, Circle-1, Jalgaon vs. Tulsi Extrusions Ltd., Jalgaon

In the result, appeal of the Revenue is dismissed and that of

ITA 823/PUN/2013[2009-10]Status: DisposedITAT Pune19 Jul 2019AY 2009-10

Bench: Shri R.S. Syal & Shri Partha Sarathi Chaudhuryआयकर अपील सं. / Ita No.556/Pun/2013 िनधा"रण वष" / Assessment Year : 2009-10

Section 14ASection 40A(3)

…year. The ld. AR took us through the annual report of the assessee and it was shown that no exempt dividend income was reflected. The ld. DR also could not controvert this factual position. 9. 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. No contrary decision has been brought to our notice by the ld. DR. In view of the fact that the assessee d…

Tulsi Extrusions Ltd., Jalgaon vs. Joint CIT, Range-2, Jalgaon

In the result, appeal of the Revenue is dismissed and that of

ITA 556/PUN/2013[2009-10]Status: DisposedITAT Pune19 Jul 2019AY 2009-10

Bench: Shri R.S. Syal & Shri Partha Sarathi Chaudhuryआयकर अपील सं. / Ita No.556/Pun/2013 िनधा"रण वष" / Assessment Year : 2009-10

Section 14ASection 40A(3)

…year. The ld. AR took us through the annual report of the assessee and it was shown that no exempt dividend income was reflected. The ld. DR also could not controvert this factual position. 9. 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. No contrary decision has been brought to our notice by the ld. DR. In view of the fact that the assessee d…

DCIT- CC - 8(4), Mumbai vs. Bermaco Energy Systems Pvt. Ltd., Mumbai

In the result, the appeal of Revenue is dismissed

ITA 2675/MUM/2018[2013-14]Status: DisposedITAT Mumbai19 Jul 2019AY 2013-14

Bench: Shri Mahavir Singh & Shri Rajesh Kumarassessment Year : 2013-14 M/S. Bermaco Energy Dy. Commissioner Of Systems Pvt. Ltd., Vs. Income Tax, D-73/1, Ttc Industrial Area, Central Circle –8(4), Midc Road, Turbhe, Mumbai Navi Mumbai [Pan : Aaacb2727N] (Appellant) (Respondent)

For Appellant: Shri S. Abi Rama Karthikeyan, DRFor Respondent: Shri J.P. Bairagra, AR
Section 115JSection 143(3)Section 14A

…he Hon'ble Bombay High Court in the case of Pr.CIT Vs. Ballarpur Industries Limited in Income Tax Appeal No.51 of 2016, wherein this issue has been considered following the judgment of Hon’ble Delhi High Court in the case of Chem invest Limited vs. CIT (2015) 378 ITR 33 (Delhi) held as under: - “On hearing the learned Counsel for the Department and on a perusal of the impugned orders, it appears that both the Authorities have recorded a clear finding of fact that there was no exempt income earned by the assessee. While holding so, the Authorities relied on the judgment of the Delhi High Court in Income Tax Appeal…

ACIT-16(3), Mumbai vs. M/S.New Growth Comtrade Private Limited, Mumbai

In the result, the appeal of Revenue is dismissed

ITA 1929/MUM/2018[2014-15]Status: DisposedITAT Mumbai19 Jul 2019AY 2014-15

Bench: Shri Mahavir Singh & Shri Rajesh Kumarassessment Year: 2014-15 M/S. New Growth Comtrade Pvt. Ltd., Vs. Asst. Commissioner Of Sai Chambers, Income Tax-16(3), Next To Syndicate Bank, Mumbai Santacruz (E), Mumbai [Pan : Aaecn3690G] (Appellant) (Respondent) Appellant By : Shri Suman Kumar, Respondent By : Shri Pritesh Mehta, Date Of Hearing : 09-07-2019 Date Of Pronouncement : 19-07-2019 O R D E R Per Mahavir Singh, J.M:

For Appellant: Shri Suman KumarFor Respondent: Shri Pritesh Mehta
Section 10Section 143(2)Section 143(3)Section 14A

…he Hon'ble Bombay High Court in the case of Pr.CIT Vs. Ballarpur Industries Limited in Income Tax Appeal No.51 of 2016, wherein this issue has been considered following the judgment of Hon’ble Delhi High Court in the case of Chem invest Limited vs. CIT (2015) 378 ITR 33 (Delhi) held as under: “On hearing the learned Counsel for the Department and on a perusal of the impugned orders, it appears that both the Authorities have recorded a clear finding of fact that there was no exempt income earned by the assessee. While holding so, the Authorities relied on the judgment of the Delhi High Court in Income Tax Appeal…

Inderal Gerela, Mumbai vs. ITO 29(10(5), Mumbai

In the result, the appeal of assessee is partly allowed

ITA 7342/MUM/2016[2012-13]Status: DisposedITAT Mumbai19 Jul 2019AY 2012-13

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am

For Appellant: Shri Harshwardhan Datur, ARFor Respondent: Ms. Kusum Bansal, DR
Section 143(3)Section 14A

…High Court in the case of in the case of Pr. CIT vs. Ballarpur Industries Limited in Income Tax Appeal No. 51 of 2016, wherein this issue has been considered following the judgment of Hon’ble Delhi High Court in the case of Chem invest Limited vs. CIT (2015) 378 ITR 33 (Delhi) held as under: - “On hearing the learned Counsel for the Department and on a perusal of the impugned orders, it appears that both the Authorities have recorded a clear finding of fact that there was no exempt income earned by the assessee. While holding so, the Authorities relied on the judgment of the Delhi High Court in Income Tax Appea…

National Aviation Co of India Ltd ( Air India Ltd), Mumbai vs. DCIT 5(2)

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

ITA 2182/MUM/2012[2008-09]Status: DisposedITAT Mumbai19 Jul 2019AY 2008-09

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am Aayakr Apila Sam./ Ita No. 2182/Mum/2012 (Inaqa-Arna Baya- / Assessment Year 2008-09) Air India Ltd., Dy. Commissioner Of (Formerly Known As National Income Tax-5(2), Mumbai Aviation Co. Of India Ltd.,) Vs. Director Finance, Old Airport, Kalina, Santacruz (East), Mumbai .. (Apilaaqai- / Appellant) (P`%Yaqaai- / Respondent) स्थायी लेखा िं./Pan No. Aaccn6194P

For Appellant: S/shri Shri D.J. Shukla &For Respondent: Shri M. Dayasagar, CIT DR
Section 143(3)Section 37

…he Hon'ble Bombay High Court in the case of Pr.CIT Vs. Ballarpur Industries Limited in Income Tax Appeal No.51 of 2016, wherein this issue has been considered following the judgment of Hon’ble Delhi High Court in the case of Chem invest Limited vs. CIT (2015) 378 ITR 33 (Delhi) held as under: - “On hearing the learned Counsel for the Department and on a perusal of the impugned orders, it appears that both the Authorities have recorded a clear finding of fact that there was no exempt income earned by the assessee. While holding so, the Authorities relied on the judgment of the Delhi High Court in Income Tax Appea…

DCIT 5(2), Mumbai vs. National Aviation Company of India Ltd ( Formelry Known As Air India Ltd), Mumbai

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

ITA 1423/MUM/2012[2008-09]Status: DisposedITAT Mumbai19 Jul 2019AY 2008-09

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am Aayakr Apila Sam./ Ita No. 2182/Mum/2012 (Inaqa-Arna Baya- / Assessment Year 2008-09) Air India Ltd., Dy. Commissioner Of (Formerly Known As National Income Tax-5(2), Mumbai Aviation Co. Of India Ltd.,) Vs. Director Finance, Old Airport, Kalina, Santacruz (East), Mumbai .. (Apilaaqai- / Appellant) (P`%Yaqaai- / Respondent) स्थायी लेखा िं./Pan No. Aaccn6194P

For Appellant: S/shri Shri D.J. Shukla &For Respondent: Shri M. Dayasagar, CIT DR
Section 143(3)Section 37

…he Hon'ble Bombay High Court in the case of Pr.CIT Vs. Ballarpur Industries Limited in Income Tax Appeal No.51 of 2016, wherein this issue has been considered following the judgment of Hon’ble Delhi High Court in the case of Chem invest Limited vs. CIT (2015) 378 ITR 33 (Delhi) held as under: - “On hearing the learned Counsel for the Department and on a perusal of the impugned orders, it appears that both the Authorities have recorded a clear finding of fact that there was no exempt income earned by the assessee. While holding so, the Authorities relied on the judgment of the Delhi High Court in Income Tax Appea…

Kumar Organic Products Limited, Bangalore vs. Deputy Commissioner of Income Tax, Circle - 4(1)(1), Bangalore

In the result, all the appeals of the assessee are allowed for statistical purposes

ITA 1062/BANG/2019[2015-16]Status: DisposedITAT Bangalore19 Jul 2019AY 2015-16

Bench: Shri J. Sudhakar Reddy & Smt. Beena Pillai

For Appellant: Shri H.N.Khincha, CAFor Respondent: Ms. Neera Malhotra, CIT(DR)
Section 143(3)Section 14ASection 35

…issue to the file of the Assessing Officer for fresh adjudication in accordance with law after verifying the fact. The Assessing Officer is directed to apply proposition of law laid down by the Hon’ble Delhi High Court in the case of Cheminvest Ltd. vs. CIT (378 ITR 33)(Del) and not to disallow any expenditure in excess of exempt income earned by the assessee. These grounds are allowed for statistical purposes. 13. All other grounds of the assessee are dismissed as not pressed. 14. In the result, all the appeals of the assessee are allowed for statistical purposes. Order pronounced in the open court on 19th J…

Kumar Organic Products Limited, Bangalore vs. Deputy Commissioner of Income Tax, Circle - 4(1)(1), Bangalore

In the result, all the appeals of the assessee are allowed for statistical purposes

ITA 1061/BANG/2019[2014-15]Status: DisposedITAT Bangalore19 Jul 2019AY 2014-15

Bench: Shri J. Sudhakar Reddy & Smt. Beena Pillai

For Appellant: Shri H.N.Khincha, CAFor Respondent: Ms. Neera Malhotra, CIT(DR)
Section 143(3)Section 14ASection 35

…issue to the file of the Assessing Officer for fresh adjudication in accordance with law after verifying the fact. The Assessing Officer is directed to apply proposition of law laid down by the Hon’ble Delhi High Court in the case of Cheminvest Ltd. vs. CIT (378 ITR 33)(Del) and not to disallow any expenditure in excess of exempt income earned by the assessee. These grounds are allowed for statistical purposes. 13. All other grounds of the assessee are dismissed as not pressed. 14. In the result, all the appeals of the assessee are allowed for statistical purposes. Order pronounced in the open court on 19th J…

Kumar Organic Products Limited, Bangalore vs. Deputy Commissioner of Income Tax, Circle - 4(1)(1), Bangalore

In the result, all the appeals of the assessee are allowed for statistical purposes

ITA 1060/BANG/2019[2013-14]Status: DisposedITAT Bangalore19 Jul 2019AY 2013-14

Bench: Shri J. Sudhakar Reddy & Smt. Beena Pillai

For Appellant: Shri H.N.Khincha, CAFor Respondent: Ms. Neera Malhotra, CIT(DR)
Section 143(3)Section 14ASection 35

…issue to the file of the Assessing Officer for fresh adjudication in accordance with law after verifying the fact. The Assessing Officer is directed to apply proposition of law laid down by the Hon’ble Delhi High Court in the case of Cheminvest Ltd. vs. CIT (378 ITR 33)(Del) and not to disallow any expenditure in excess of exempt income earned by the assessee. These grounds are allowed for statistical purposes. 13. All other grounds of the assessee are dismissed as not pressed. 14. In the result, all the appeals of the assessee are allowed for statistical purposes. Order pronounced in the open court on 19th J…

Kumar Organic Products Limited, Bangalore vs. Deputy Commissioner of Income Tax, Circle - 4(1)(1), Bangalore

In the result, all the appeals of the assessee are allowed for statistical purposes

ITA 1059/BANG/2019[2012-13]Status: DisposedITAT Bangalore19 Jul 2019AY 2012-13

Bench: Shri J. Sudhakar Reddy & Smt. Beena Pillai

For Appellant: Shri H.N.Khincha, CAFor Respondent: Ms. Neera Malhotra, CIT(DR)
Section 143(3)Section 14ASection 35

…issue to the file of the Assessing Officer for fresh adjudication in accordance with law after verifying the fact. The Assessing Officer is directed to apply proposition of law laid down by the Hon’ble Delhi High Court in the case of Cheminvest Ltd. vs. CIT (378 ITR 33)(Del) and not to disallow any expenditure in excess of exempt income earned by the assessee. These grounds are allowed for statistical purposes. 13. All other grounds of the assessee are dismissed as not pressed. 14. In the result, all the appeals of the assessee are allowed for statistical purposes. Order pronounced in the open court on 19th J…

Kumar Organic Products Limited, Bangalore vs. Deputy Commissioner of Income Tax, Circle - 4(1)(1), Bangalore

In the result, all the appeals of the assessee are allowed for statistical purposes

ITA 1058/BANG/2019[2010-11]Status: DisposedITAT Bangalore19 Jul 2019AY 2010-11

Bench: Shri J. Sudhakar Reddy & Smt. Beena Pillai

For Appellant: Shri H.N.Khincha, CAFor Respondent: Ms. Neera Malhotra, CIT(DR)
Section 143(3)Section 14ASection 35

…issue to the file of the Assessing Officer for fresh adjudication in accordance with law after verifying the fact. The Assessing Officer is directed to apply proposition of law laid down by the Hon’ble Delhi High Court in the case of Cheminvest Ltd. vs. CIT (378 ITR 33)(Del) and not to disallow any expenditure in excess of exempt income earned by the assessee. These grounds are allowed for statistical purposes. 13. All other grounds of the assessee are dismissed as not pressed. 14. In the result, all the appeals of the assessee are allowed for statistical purposes. Order pronounced in the open court on 19th J…

Kumar Organic Products Limited, Bangalore vs. Deputy Commissioner of Income Tax, Circle-4(1)(1), Bangalore

In the result, all the appeals of the assessee are allowed for statistical purposes

ITA 1057/BANG/2019[2007-08]Status: DisposedITAT Bangalore19 Jul 2019AY 2007-08

Bench: Shri J. Sudhakar Reddy & Smt. Beena Pillai

For Appellant: Shri H.N.Khincha, CAFor Respondent: Ms. Neera Malhotra, CIT(DR)
Section 143(3)Section 14ASection 35

…issue to the file of the Assessing Officer for fresh adjudication in accordance with law after verifying the fact. The Assessing Officer is directed to apply proposition of law laid down by the Hon’ble Delhi High Court in the case of Cheminvest Ltd. vs. CIT (378 ITR 33)(Del) and not to disallow any expenditure in excess of exempt income earned by the assessee. These grounds are allowed for statistical purposes. 13. All other grounds of the assessee are dismissed as not pressed. 14. In the result, all the appeals of the assessee are allowed for statistical purposes. Order pronounced in the open court on 19th J…

Valation Finance & Marketing P.Ltd, Mumbai vs. DCIT Circle-4(3)(2), Mumbai

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

ITA 4213/MUM/2018[2012-13]Status: DisposedITAT Mumbai17 Jul 2019AY 2012-13

Bench: Sri Mahavir Singh, Jm & Sri M Balaganesh, Am आयकर अपील सुं./ Ita No. 4213/Mum/2018 (यिर्ाारण वर्ा / Assessment Year 2012-13) M/S Valation Finance & The Dy. Commissioner Of Marketing Pvt. Ltd. Income Tax, Central Circle B/306, Shankar Dhan Plaza, Vs. 4(3)(2), Mumbai Jn Road, Mulund (West), Mumbai-400 080 (अपीलार्थी / Appellant) (प्रत्यर्थी/ Respondent) .. स्र्थायी लेखा सुं./Pan No. Aabcv1310Q

For Appellant: NoneFor Respondent: Shri Rajeev Gubgotra, DR
Section 143(3)Section 14A

…High Court in the case of in the case of Pr. CIT vs. Ballarpur Industries Limited in Income Tax Appeal No. 51 of 2016, wherein this issue has been considered following the judgment of Hon’ble Delhi High Court in the case of Chem invest Limited vs. CIT (2015) 378 ITR 33 (Delhi) held as under: - “On hearing the learned Counsel for the Department and on a perusal of the impugned orders, it appears that both the Authorities have recorded a clear finding of fact that there was no exempt income earned by the assessee. While holding so, the Authorities relied on the judgment of the Delhi High Court in Income Tax Appea…

Pernod Ricard India Pvt. Ltd., New Delhi vs. DCIT, New Delhi

In the result, the recalled matter of the appeal in ITA No

ITA 914/DEL/2015[2011-12]Status: DisposedITAT Delhi10 Jul 2019AY 2011-12

Bench: Shri Amit Shukla & Shri O.P. Kant

Section 144C(13)Section 194HSection 40

…he Income tax Rules, 1962 does not apply, but at the same time, we find that there is no exempt income claimed by the assessee during the year under consideration. Therefore, the ratio laid down by the Hon'ble High Court of Delhi in the case of Cheminvest Ltd 378 ITR 33 and CIT Vs. Holcim 272 CTR 282 squarely apply wherein the Hon'ble High Court has held that where there is no exempt income, there cannot be any disallowance u/s 14A of the Act. Respectfully following the same, we direct the Assessing Officer to delete the disallowance of Rs. 12,68,781/-. Accordingly, Ground No. 12 with all its sub grounds is allow…