https://www.taxtmi.com/caselaws?id=378108 The tribunal ruled in favor of the assessee, holding that disallowance under section 14A of the Income Tax Act cannot be invoked when no exempt income was earned, leading to the deletion of the disallowance. Additionally, the tribunal supported the CIT(A)'s decision to grant relief on the disallowance made by the assessee beyond the return of income without a formal revised return, emphasizing that legitimate tax dues should only be collected and an assessee should not be penalized for offering income incorrectly if it was not taxable. en-us Fri, 29 Mar 2019 00:00:00 +0530 Mon, 08 Apr 2019 18:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=378108 The tribunal ruled in favor of the assessee, holding that disallowance under section 14A of the Income Tax Act cannot be invoked when no exempt income was earned, leading to the deletion of the disallowance. Additionally, the tribunal supported the CIT(A)'s decision to grant relief on the disallowance made by the assessee beyond the return of income without a formal revised return, emphasizing that legitimate tax dues should only be collected and an assessee should not be penalized for offering income incorrectly if it was not taxable. Case-Laws Income Tax Fri, 29 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=378108