https://www.taxtmi.com/caselaws?id=262954 The Tribunal allowed the appeal and deleted the disallowance made under section 14A of the Income Tax Act. It held that disallowance under section 14A is not applicable when no exempt income is earned or received during the relevant assessment year. The Tribunal emphasized the necessity of a nexus between expenditure and exempt income and cited previous court decisions supporting its conclusion. It rejected the Revenue's argument to disallow certain expenses related to tax-free profits, as there was no profit for the relevant assessment year. The appellant's arguments were upheld, and the disallowance under section 14A was removed. en-us Wed, 12 Aug 2015 00:00:00 +0530 Mon, 24 Aug 2015 09:04:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262954 The Tribunal allowed the appeal and deleted the disallowance made under section 14A of the Income Tax Act. It held that disallowance under section 14A is not applicable when no exempt income is earned or received during the relevant assessment year. The Tribunal emphasized the necessity of a nexus between expenditure and exempt income and cited previous court decisions supporting its conclusion. It rejected the Revenue's argument to disallow certain expenses related to tax-free profits, as there was no profit for the relevant assessment year. The appellant's arguments were upheld, and the disallowance under section 14A was removed. Case-Laws Income Tax Wed, 12 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262954