https://www.taxtmi.com/caselaws?id=370714 Section 14A disallowance under the Income-tax Act cannot be made in a year in which the assessee has earned no exempt income, because there is no expenditure attributable to income not forming part of total income. The Delhi High Court followed its earlier rulings on this point and distinguished Revenue reliance on other Supreme Court authorities, noting that those decisions did not decide the specific question of nil exempt income. Later decisions, including Maxopp Investment Ltd., were treated as not displacing the settled view. The Revenue's challenge therefore failed, the deletion of the disallowance was sustained, and no substantial question of law arose. en-us Mon, 22 Oct 2018 00:00:00 +0530 Thu, 22 Nov 2018 07:13:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=370714 Section 14A disallowance under the Income-tax Act cannot be made in a year in which the assessee has earned no exempt income, because there is no expenditure attributable to income not forming part of total income. The Delhi High Court followed its earlier rulings on this point and distinguished Revenue reliance on other Supreme Court authorities, noting that those decisions did not decide the specific question of nil exempt income. Later decisions, including Maxopp Investment Ltd., were treated as not displacing the settled view. The Revenue's challenge therefore failed, the deletion of the disallowance was sustained, and no substantial question of law arose. Case-Laws Income Tax Mon, 22 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=370714