https://www.taxtmi.com/caselaws?id=369071 The High Court interpreted Section 14A of the Income Tax Act, emphasizing that expenditure must be for earning income, even if not actually earned. It held that the CBDT Circular cannot override statutory provisions, requiring actual receipt of exempt income for disallowance under Section 14A. Upholding the Tribunal's decision, the court dismissed the appeal, stating Section 14A does not apply without exempt income, regardless of the CBDT Circular. en-us Tue, 28 Aug 2018 00:00:00 +0530 Tue, 21 Jul 2020 15:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=369071 The High Court interpreted Section 14A of the Income Tax Act, emphasizing that expenditure must be for earning income, even if not actually earned. It held that the CBDT Circular cannot override statutory provisions, requiring actual receipt of exempt income for disallowance under Section 14A. Upholding the Tribunal's decision, the court dismissed the appeal, stating Section 14A does not apply without exempt income, regardless of the CBDT Circular. Case-Laws Income Tax Tue, 28 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=369071