M/S. Delhi International Airport ... vs Deputy Commissioner Of Income Tax, ... on 19 April, 2018
23. Having carefully examined the orders of authorities below we find that undisputedly the
assessee did not earn any exempted income during the impugned assessment year. The
aspect where disallowance can be made in the absence of exempted income was examined
by the Tribunal and relying upon the order of the High Court and the Apex Court it was held
that in the absence of any exempted income, no disallowance under section 14A can be
made. The relevant observation of the Tribunal in the case of case of DCIT Vs. MFar
Holdings Pvt. Ltd., is as under: