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PCIT v Khoinoor Project Pvt Ltd ( 2020) 425 ITR 700 / (2021) 276 Taxman 180 ( Bom) (HC)

S. 14A : Disallowance of expenditure – Exempt income – When there is no exempt income declared during the year no disallowance can be made .[ R.8D(2) (ii) ]

Dismissing the appeal of the revenue  the Court held that , when there is no exempt income declared during the year no disallowance can be made .Followed Cheminvest   Ltd v CIT (2015 ) 378 ITR 33 (Delhi ) (HC), CIT v Shivam Motors Pvt Ltd ( 2015) 230 Taxman 63 / 272 CTR 277 (All) (HC) , PCIT v Man Infraprojects Ltd  ITA NO   dt 9-04 2019 . (ITA No.5241 / 2013 dt 18 -10 2016 )  (ITA No . 1124 of 2017 dt 27 -1-2020 )    (AY.2008 -09)   

 

Editorial: Also refer , PCIT v. Ballapur Industries Ltd (ITA No. 51 of 2016, dt.13.10.2016) (Bom.) (HC), www.itatonline.org  , PCIT v. Oil Industries Development Board (2019) 262 Taxman 102 (SC), www.itatonline.org , Cheminvest Ltd v. ITO (2009) 27 DTR 82 /124 TTJ 577 / 121 TTD 318 (SB) (Delhi) (Trib.)