https://www.taxtmi.com/caselaws?id=367494 Section 14A disallowance cannot be sustained where no exempt income is earned in the relevant year. The ITAT Bangalore followed the Delhi High Court view that the provision applies only to expenditure incurred in relation to exempt income, and held that a CBDT circular did not alter that position. On that basis, the absence of exempt income took the case outside the disallowance mechanism, and the deletion of the disallowance was upheld. en-us Fri, 29 Jun 2018 00:00:00 +0530 Fri, 21 Sep 2018 08:25:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=367494 Section 14A disallowance cannot be sustained where no exempt income is earned in the relevant year. The ITAT Bangalore followed the Delhi High Court view that the provision applies only to expenditure incurred in relation to exempt income, and held that a CBDT circular did not alter that position. On that basis, the absence of exempt income took the case outside the disallowance mechanism, and the deletion of the disallowance was upheld. Case-Laws Income Tax Fri, 29 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=367494