https://www.taxtmi.com/caselaws?id=245408 HC affirmed that disallowance under section 14A read with Rule 8D could not be sustained where the assessee did not claim any exempt income; the tribunal's factual finding that no claim for exemption was made meant s.14A had no application to disallow interest on borrowed funds. The court followed earlier High Court precedent and held the disallowance inappropriate, deciding against the Revenue. en-us Mon, 24 Mar 2014 00:00:00 +0530 Wed, 08 Oct 2025 11:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=245408 HC affirmed that disallowance under section 14A read with Rule 8D could not be sustained where the assessee did not claim any exempt income; the tribunal's factual finding that no claim for exemption was made meant s.14A had no application to disallow interest on borrowed funds. The court followed earlier High Court precedent and held the disallowance inappropriate, deciding against the Revenue. Case-Laws Income Tax Mon, 24 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=245408