Cheminvest Limited vs Commissioner Of Income Tax-Vi on 2 September, 2015
4. Having heard both the sides and perused the relevant material on
record, it is observed as an admitted position that no exempt income was
earned by the assessee during the year. The Hon'ble jurisdictional High
Court in Cheminvest Ltd. vs. CIT (2015) 378 ITR 33 (Del) and CIT vs.
Holcim India P. Ltd. (2014) 90CCH 081-Del-HC has held that if there is no
exempt income, there can be no question of making any disallowance u/s
14A. In view of these precedents, which are squarely applicable to the facts
of the instant case, we hold that the ld. CIT(A) was not justified in sustaining
the disallowance. We order to delete the same. This ground is allowed.