https://www.taxtmi.com/caselaws?id=355858 The Tribunal upheld the CIT(A)'s decision to delete the disallowance of Rs. 1,90,46,924/- made by the AO under Section 14A read with Rule 8D, as the assessee did not earn any exempt income during the relevant year. The appeal was dismissed, confirming that Section 14A does not apply in the absence of exempt income. The Tribunal stressed that the AO must first verify the accounts and be unsatisfied with the claim before applying Rule 8D, which was not done in this case. This ruling reinforces that disallowance under Section 14A requires actual receipt of exempt income. en-us Mon, 12 Feb 2018 00:00:00 +0530 Tue, 20 Feb 2018 06:06:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=355858 The Tribunal upheld the CIT(A)'s decision to delete the disallowance of Rs. 1,90,46,924/- made by the AO under Section 14A read with Rule 8D, as the assessee did not earn any exempt income during the relevant year. The appeal was dismissed, confirming that Section 14A does not apply in the absence of exempt income. The Tribunal stressed that the AO must first verify the accounts and be unsatisfied with the claim before applying Rule 8D, which was not done in this case. This ruling reinforces that disallowance under Section 14A requires actual receipt of exempt income. Case-Laws Income Tax Mon, 12 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=355858