Recently, the delhi High Court in the case of Cheminvest Ltd. Vs CIT held that in absence of any income claimed as exempt by the assessee, there cannot be any disallowance u/s 14A of the Act. Very said view was taken by The Hon'ble Gujarat High Court in the case of CIT vs Corrtech Energy (P) Ltd. reported in 372 ITR 97. The facts of the case were that, the assesse was engaged in the business of making investment in shares and accepting/granting of loans. The Assessee was one of the co-promoters of Max India Ltd. The Assessee borrowed funds on which interest expenditure of Rs.1,21,03,367/- was incurred. The factual assertion of the Assessee was that in the relevant AY no dividend income was earned by the Appellant from the amount invested in various shares.For the AY in question, the Appellant filed a return of income declaring a loss of Rs.13,84,086/-. This case was picked up for scrutiny and the Assessing Officer (AO) completed the assessment under Section 143(3) of the Act di