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DELHI HIGH COURT
MANMOHAN, MANMEET PRITAM SINGH ARORA
Principal Commissioner of Income Tax – Appellant
Versus
Delhi International Airport Pvt. Ltd. – Respondent
| Table of Content |
|---|
| 1. delay in re-filing the appeal condoned. (Para 1 , 2) |
| 2. appeal challenges itat order. (Para 3) |
| 3. arguments related to disallowance under section 14a. (Para 4 , 5 , 6) |
| 4. facts regarding exempt income and disallowance. (Para 7) |
| 5. legal interpretation of exempt income under section 14a. (Para 8) |
| 6. amendment to section 14a discussed. (Para 9) |
| 7. no substantial question of law. (Para 10) |
JUDGMENT
CM APPL.43156/2022
1. Keeping in view the averments in the application, the delay in re- filing the appeal is condoned.
2. Accordingly, the application stands disposed of.
ITA 380/2022
3. Present Income Tax Appeal has been filed challenging the Impugned Order dated 31st January, 2018 passed by the Income Tax Appellate Tribunal (`ITAT') in ITA No. 3707/Del/2013 & ITA No.4203/Del/2013 for the Assessment Year 2010-11.
4. Learned Counsel for the Appellant states that the ITAT has erred in not disallowing the interest expenses amounting to Rs.10,07,34,000/-, being expenditure incurred in relation to exempt income, under the provisions of Section 14A of the Income Tax Act, 1961 (`the Act'). He submits that ITAT has erred in holding that earning of exempt income during the year
Section 14A of the Income Tax Act does not apply if no exempt income has been received or receivable during the relevant previous year.
Section 14A of the Income Tax Act, 1961 does not apply if no exempt income was earned in the relevant previous year.
Disallowance under S.14A cannot be made where the assessee has not claimed any expenditure against taxable income; the provision requires the existence of a claimed expenditure relatable to exempt in....
Disallowance under Section 14A of the Income Tax Act cannot exceed the tax exempt income earned by the assessee.
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