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

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 Infra projects Ltd ITA NO   dt 9-04 2019. (ITA No.5241/2013 dt.18 -10 2016)(ITA No. 1124 of 2017 dt.27/01/2020)    (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.)