https://www.taxtmi.com/caselaws?id=381589 Disallowance under section 14A read with Rule 8D was held unwarranted where no exempt or dividend income was received or receivable during the relevant year. The decisive principle applied was that section 14A operates only when exempt income exists in the relevant previous year, so mere investment capable of generating such income does not justify a disallowance. On that basis, the deletion of the disallowance was upheld in favour of the assessee. en-us Wed, 12 Jun 2019 00:00:00 +0530 Thu, 01 Dec 2022 16:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=381589 Disallowance under section 14A read with Rule 8D was held unwarranted where no exempt or dividend income was received or receivable during the relevant year. The decisive principle applied was that section 14A operates only when exempt income exists in the relevant previous year, so mere investment capable of generating such income does not justify a disallowance. On that basis, the deletion of the disallowance was upheld in favour of the assessee. Case-Laws Income Tax Wed, 12 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=381589