https://www.taxtmi.com/caselaws?id=344593 Disallowance under section 14A read with Rule 8D was held unsustainable because no exempt income was earned during the relevant years and no related expenditure was claimed as a deduction; the Tribunal applied the principle that, absent exempt income, section 14A cannot be invoked, and deleted the disallowance. The delay in filing the cross objections was also condoned because the assessee gave a bona fide explanation supported by affidavit, with the Tribunal preferring a liberal approach where sufficient cause is shown and no mala fides or dilatory conduct appears. en-us Thu, 05 Jan 2017 00:00:00 +0530 Wed, 21 Jun 2017 09:21:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=344593 Disallowance under section 14A read with Rule 8D was held unsustainable because no exempt income was earned during the relevant years and no related expenditure was claimed as a deduction; the Tribunal applied the principle that, absent exempt income, section 14A cannot be invoked, and deleted the disallowance. The delay in filing the cross objections was also condoned because the assessee gave a bona fide explanation supported by affidavit, with the Tribunal preferring a liberal approach where sufficient cause is shown and no mala fides or dilatory conduct appears. Case-Laws Income Tax Thu, 05 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=344593