https://www.taxtmi.com/caselaws?id=263570 HC held that Section 14A disallowance cannot be made where no exempt income was received or receivable in the relevant year. Because the assessee's borrowing-related interest was incurred to hold strategic investment shares and no exempt income arose in the year, the expenditure's genuineness stood undisputed and s14A did not apply. The ITAT order was set aside and the appeal allowed in favour of the assessee, with the court finding that disallowance under s14A requires actual receipt or receiptability of exempt income in the relevant year. en-us Wed, 02 Sep 2015 00:00:00 +0530 Tue, 12 May 2026 15:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=263570 HC held that Section 14A disallowance cannot be made where no exempt income was received or receivable in the relevant year. Because the assessee's borrowing-related interest was incurred to hold strategic investment shares and no exempt income arose in the year, the expenditure's genuineness stood undisputed and s14A did not apply. The ITAT order was set aside and the appeal allowed in favour of the assessee, with the court finding that disallowance under s14A requires actual receipt or receiptability of exempt income in the relevant year. Case-Laws Income Tax Wed, 02 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=263570