https://www.taxtmi.com/caselaws?id=398758 The Gujarat High Court dismissed the Tax Appeal, upholding the decision of the lower authorities that disallowance under Section 14A of the Income Tax Act did not apply as the assessee had not earned any exempt income nor claimed such income in the tax return for the relevant year. The court relied on the Supreme Court's ruling in the Maxopp Investment Ltd. case, emphasizing that for Section 14A to be invoked, the assessee must have earned and claimed exempt income. en-us Thu, 17 Sep 2020 00:00:00 +0530 Tue, 22 Sep 2020 10:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398758 The Gujarat High Court dismissed the Tax Appeal, upholding the decision of the lower authorities that disallowance under Section 14A of the Income Tax Act did not apply as the assessee had not earned any exempt income nor claimed such income in the tax return for the relevant year. The court relied on the Supreme Court's ruling in the Maxopp Investment Ltd. case, emphasizing that for Section 14A to be invoked, the assessee must have earned and claimed exempt income. Case-Laws Income Tax Thu, 17 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398758