https://www.taxtmi.com/caselaws?id=249007 Applicability of Section 14A was examined where the assessee asserted no receipt of exempt dividend income for the relevant years. The court accepted the finding that no exempt income was received and held Section 14A cannot be invoked absent exempt income; consequently interest and related expenditures claimed by revenue were not disallowable. The decision relied on precedent establishing that disallowance applies only when expenditure relates to income that is exempt and excluded from total income. Result: appeal allowed in favour of the assessee; disallowance set aside. en-us Wed, 02 Apr 2014 00:00:00 +0530 Wed, 04 Feb 2026 17:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249007 Applicability of Section 14A was examined where the assessee asserted no receipt of exempt dividend income for the relevant years. The court accepted the finding that no exempt income was received and held Section 14A cannot be invoked absent exempt income; consequently interest and related expenditures claimed by revenue were not disallowable. The decision relied on precedent establishing that disallowance applies only when expenditure relates to income that is exempt and excluded from total income. Result: appeal allowed in favour of the assessee; disallowance set aside. Case-Laws Income Tax Wed, 02 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249007