https://www.taxtmi.com/caselaws?id=254623 ITAT Mumbai held that section 14A disallowance cannot be sustained where the assessee earned no exempt income during the relevant year, even if it held investments capable of yielding such income; the disallowance was deleted. It further held that the section 115JB book-profit adjustment, being founded entirely on the deleted section 14A disallowance, could not survive and was also deleted. The carry-forward loss ground was rendered infructuous, and the appeal was partly allowed. en-us Wed, 10 Dec 2014 00:00:00 +0530 Sat, 27 Dec 2014 07:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254623 ITAT Mumbai held that section 14A disallowance cannot be sustained where the assessee earned no exempt income during the relevant year, even if it held investments capable of yielding such income; the disallowance was deleted. It further held that the section 115JB book-profit adjustment, being founded entirely on the deleted section 14A disallowance, could not survive and was also deleted. The carry-forward loss ground was rendered infructuous, and the appeal was partly allowed. Case-Laws Income Tax Wed, 10 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254623