Disallowance for expenditure related to exempt income applies even if exempt income not received, clarifying Section 14A scope.

Amendment to Section 14A substitutes a notwithstanding opening in sub-section (1) and inserts an Explanation clarifying the section applies, and is deemed always to have applied, where income not forming part of total income has not accrued, arisen or been received in the previous year but related expenditure was incurred in that previous year.

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