The assessee had made investments in equity shares of a group company from which no dividend income was earned and hence no exempt income was claimed by assessee. The AO had invoked S.14A r.w. rule 8D to make disallowance which was confirmed by the CIT(A). On appeal before the Tribunal, the Tribunal noted that the AO had not recorded its satisfaction before invoking Rule 8D and simply invoked provisions of S. 14A r.w. Rule 8D. Further, after placing reliance on the decision of Madras High Court in case of Chettinad Losgistics Pvt. Ltd. (80 taxmann.com 221) and confirmed by Supreme Court (95 taxmann.com 250) and various other judicial precedents held that where no exempt income is earned, no disallowance under section 14A of the Act can be made. Further, with regards to disallowance under section 14A while computing book profits under section 115JB of the Act, the Tribunal after relying on the decision of ACIT v.  Vireet Investments Pvt Ltd (2017) 165 ITD 27 (SB) (Delhi)(Trib.) directed to delete the disallowance made by AO.  The Managing director was travelling outside India and therefore there was a delay of 133 days. The Tribunal held that there was no malafide intention of the assessee and if technicalities are pitted against substantial justice, the Court will lean towards substantial justice and the assessee has shown sufficient cause in explaining delay of 133 days in filing of this appeal with Tribunal beyond time prescribed u/s 253(3) of the 1961 Act.  (AY. 2014-15)