https://www.taxtmi.com/caselaws?id=383961 Section 14A disallowance was found unsustainable because the assessee had not earned or received any exempt income during the relevant previous year. The analysis noted that section 14A applies only to expenditure incurred in relation to income not forming part of total income, and that the provision presupposes actual exempt income for the year. On that basis, the disallowance under Rule 8D(2)(ii) and Rule 8D(2)(iii) was deleted. en-us Wed, 31 Jul 2019 00:00:00 +0530 Sat, 03 Aug 2019 09:04:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=383961 Section 14A disallowance was found unsustainable because the assessee had not earned or received any exempt income during the relevant previous year. The analysis noted that section 14A applies only to expenditure incurred in relation to income not forming part of total income, and that the provision presupposes actual exempt income for the year. On that basis, the disallowance under Rule 8D(2)(ii) and Rule 8D(2)(iii) was deleted. Case-Laws Income Tax Wed, 31 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=383961