https://www.taxtmi.com/caselaws?id=329373 The Tribunal allowed the appeal of M/s. Sunrays Properties & Investment Co. Pvt. Ltd., holding that no disallowance could be made under Section 14A read with Rule 8D as the assessee had not earned any dividend income or borrowed funds for investment during the assessment year. The Tribunal emphasized that if no expenditure was incurred in connection with exempt income, the provisions of Section 14A did not apply. Therefore, the Tribunal ruled in favor of the assessee, concluding that the disallowance made by the Assessing Officer was not legally sustainable. en-us Fri, 03 Jun 2016 00:00:00 +0530 Thu, 30 Jun 2016 11:12:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329373 The Tribunal allowed the appeal of M/s. Sunrays Properties & Investment Co. Pvt. Ltd., holding that no disallowance could be made under Section 14A read with Rule 8D as the assessee had not earned any dividend income or borrowed funds for investment during the assessment year. The Tribunal emphasized that if no expenditure was incurred in connection with exempt income, the provisions of Section 14A did not apply. Therefore, the Tribunal ruled in favor of the assessee, concluding that the disallowance made by the Assessing Officer was not legally sustainable. Case-Laws Income Tax Fri, 03 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329373