https://www.taxtmi.com/caselaws?id=280852 The Tribunal upheld the CIT (A)'s decision to restrict the disallowance under section 14A to the amount of exempt income earned by the assessee during the relevant year. Relying on judicial pronouncements and citing cases like Cheminvest Ltd. and Joint Investment P. Ltd., the Tribunal concluded that if no exempt income is received, section 14A does not apply, and the disallowance under Rule 8D cannot exceed the exempt income. The Tribunal dismissed the appeal by the revenue and the cross objection by the assessee, affirming the CIT (A)'s order on 8th March 2019. en-us Fri, 08 Mar 2019 00:00:00 +0530 Thu, 23 May 2019 06:34:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=280852 The Tribunal upheld the CIT (A)'s decision to restrict the disallowance under section 14A to the amount of exempt income earned by the assessee during the relevant year. Relying on judicial pronouncements and citing cases like Cheminvest Ltd. and Joint Investment P. Ltd., the Tribunal concluded that if no exempt income is received, section 14A does not apply, and the disallowance under Rule 8D cannot exceed the exempt income. The Tribunal dismissed the appeal by the revenue and the cross objection by the assessee, affirming the CIT (A)'s order on 8th March 2019. Case-Laws Income Tax Fri, 08 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=280852