https://www.taxtmi.com/caselaws?id=337238 Section 14A disallowance under Rule 8D applies only to expenditure incurred in relation to exempt income actually earned in the relevant previous year. Where no exempt income arises in that year, the assessment must remain year-specific and based on real income, so disallowance on a notional or anticipated exempt income cannot be sustained. The matching concept also requires the expenditure to be considered in the year in which the corresponding exempt income is actually received. en-us Fri, 23 Dec 2016 00:00:00 +0530 Fri, 05 Jun 2026 10:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=337238 Section 14A disallowance under Rule 8D applies only to expenditure incurred in relation to exempt income actually earned in the relevant previous year. Where no exempt income arises in that year, the assessment must remain year-specific and based on real income, so disallowance on a notional or anticipated exempt income cannot be sustained. The matching concept also requires the expenditure to be considered in the year in which the corresponding exempt income is actually received. Case-Laws Income Tax Fri, 23 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=337238