https://www.taxtmi.com/caselaws?id=359945 Section 14A read with rule 8D cannot be invoked where the assessee has not earned any exempt income during the relevant previous year. Mere investment holdings or a possibility of future exempt income do not by themselves justify a disallowance, because the provision applies only to expenditure incurred in relation to actual exempt income. On that basis, no computation under rule 8D was warranted and the disallowance was deleted. en-us Fri, 04 May 2018 00:00:00 +0530 Mon, 07 May 2018 12:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=359945 Section 14A read with rule 8D cannot be invoked where the assessee has not earned any exempt income during the relevant previous year. Mere investment holdings or a possibility of future exempt income do not by themselves justify a disallowance, because the provision applies only to expenditure incurred in relation to actual exempt income. On that basis, no computation under rule 8D was warranted and the disallowance was deleted. Case-Laws Income Tax Fri, 04 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=359945