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RAJIV SHAKDHER, TARA VITASTA GANJU
Principal Commissioner of Income Tax – Appellant
Versus
Religare Enterprises Ltd. – Respondent
ORDER
[Physical Hearing/Hybrid Hearing (as per request)]
Rajiv Shakdher, J. (Oral)
CM No.17389/2023 [Application filed on behalf of the appellant seeking condonation of delay of 49 days in filing the appeal]
1. This is an application moved on behalf of the appellant/revenue seeking condonation of delay in filing the appeal.
1.1. According to the appellant/revenue, there is a delay of 49 days.
2. Mr Rohit Jain, who appears on behalf of the respondent/assessee, says that he does not oppose the prayer made in the application.
3. Accordingly, the delay is condoned.
4. The application is disposed of.
CM No.17390/2023
5. Allowed, subject to just exceptions.
ITA 209/2023
6. This appeal concerns Assessment Year (AY) 2014-15.
7. The appeal is directed against the order dated 29.08.2022 passed by the Income Tax Appellate Tribunal [in short, "Tribunal"].
8. Broadly, the issue raised in the present appeal is as to whether disallowance under Section 14A of the Income Tax Act, 1961 [in short, "Act"] can exceed the amount of exempted dividend earned by the respondent/assessee.
9. This issue is covered against the appellant/revenue by the judgment rendered by this court in Joint Investments Pv
Disallowance under Section 14A of the Income Tax Act cannot exceed the tax exempt income earned by the assessee.
Section 14A of the Income Tax Act, 1961 does not apply if no exempt income was earned in the relevant previous year.
The court's decision was influenced by the principle that when an issue is already settled by previous decisions, it does not warrant further consideration.
Section 14A of the Income Tax Act does not apply if no exempt income has been received or receivable during the relevant previous year.
No substantial question of law arose for consideration in the case.
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