https://www.taxtmi.com/caselaws?id=179957 The appeal challenging the disallowance under section 14A of the Income-tax Act was allowed. The Tribunal held that when no expenditure is claimed to have been incurred in relation to exempt income, the principle of apportionment under section 14A does not apply. Expenses incurred to earn exempt income cannot be allowed, and expenses should only be allowed to the extent they are related to earning taxable income. The Tribunal found merit in the assessee's submission after considering the balance-sheet and profit & loss account, leading to the allowance of the appeal. en-us Tue, 11 Dec 2012 00:00:00 +0530 Mon, 14 Mar 2016 11:28:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179957 The appeal challenging the disallowance under section 14A of the Income-tax Act was allowed. The Tribunal held that when no expenditure is claimed to have been incurred in relation to exempt income, the principle of apportionment under section 14A does not apply. Expenses incurred to earn exempt income cannot be allowed, and expenses should only be allowed to the extent they are related to earning taxable income. The Tribunal found merit in the assessee's submission after considering the balance-sheet and profit & loss account, leading to the allowance of the appeal. Case-Laws Income Tax Tue, 11 Dec 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179957