Dy. Commissioner Of Income Tax , ... vs Ksk Electricity Financing India ... on 4 September, 2020
7. We find that the law is now very well settled tha t when there is
no exempt income derived by the assessee from the investments
made, provisions of section 14A of the Act would not come into
operation at all. Reliance in this regard is placed on the decision of
Hon'ble Delhi High Court in the case of Join t Investments Pvt. Ltd.
Vs. CIT reported in 372 ITR 694. Similar views were taken by various
High Courts in the following decisions: