Pr. CIT v. Oil Industry Development Board

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The Tax Publishers2019 TaxPub(DT) 1945 (SC) : (2019) 262 TAXMAN 0102

INCOME TAX ACT, 1961

Section 261 Section 41A

Where the Department preferred SLP to appeal against the judgment of Delhi High Court in Pr. CIT v. Oil Industry Development Board [IT Appeal No. 197 of 2018, dt. 16-2-2018] : 2019 TaxPub(DT) 1971 (Del-HC), whereby the High Court upheld the order of Tribunal holding that in absence of any exempt income, disallowance under section 14A of any amount was not permissible the Supreme Court following the decision of the court in CIT v. Essar Teleholdings Ltd. (2018) 3 SCC 253 : (2018) 401 ITR 445 (SC) : 2018 TaxPub(DT) 0652 (SC), dismissed the SLP.

Appeal (Supreme Court) - Special leave petition - Disallowance under section 14A - Expenditure against exempt income--Disallowance in absence of exempt income

Department preferred SLP to appeal against the judgment of Delhi High Court in Pr. CIT v. Oil Industry Development Board [IT Appeal No. 197 of 2018, dt. 16-2-2018] : 2019 TaxPub(DT) 1971 (Del-HC), whereby the High Court upheld the order of Tribunal holding that in absence of any exempt income, disallowance under section 14A of any amount was not permissible. Held: The Supreme Court in view of the decision of the Court in CIT v. Essar Teleholdings Ltd., Through its Manager (2018) 3 SCC 253 : 2018 TaxPub(DT) 0652 (SC), dismissed the SLP.

Affirmed:Pr. CIT v. Oil Industry Development Board [IT Appeal No. 197 of 2018, dt. 16-2-2018] : 2019 TaxPub(DT) 1971 (Del-HC)Followed:CIT v. Essar Teleholdings Ltd. (2018) 3 SCC 253 : (2018) 401 ITR 445 (SC) : 2018 TaxPub(DT) 0652 (SC)