https://www.taxtmi.com/caselaws?id=272084 The Tribunal ruled in favor of the appellant, holding that the disallowance under Section 14A of the Income Tax Act should be deleted as no exempt income was earned or received during the relevant year. The decision was based on the principle that corresponding expenditure cannot be worked out for disallowance in the absence of tax-free income. The Tribunal emphasized that disallowance under Section 14A cannot be made if no exempt income is earned, referencing established legal principles and precedents. en-us Mon, 18 Jan 2016 00:00:00 +0530 Fri, 26 Feb 2016 06:20:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272084 The Tribunal ruled in favor of the appellant, holding that the disallowance under Section 14A of the Income Tax Act should be deleted as no exempt income was earned or received during the relevant year. The decision was based on the principle that corresponding expenditure cannot be worked out for disallowance in the absence of tax-free income. The Tribunal emphasized that disallowance under Section 14A cannot be made if no exempt income is earned, referencing established legal principles and precedents. Case-Laws Income Tax Mon, 18 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272084