https://www.taxtmi.com/caselaws?id=399544 The High Court ruled in favor of the revenue, overturning the Tribunal's decision, emphasizing that the disallowance under Section 14A of the Income Tax Act, read with Rule 8D, must be applied regardless of whether the taxpayer earns exempt income in a specific year. The Court held that the interpretation of Section 14A does not require actual receipt of exempted income for the provision to be invoked, aligning its decision with the law laid down by the Supreme Court and Circular No.5/2014 issued by the Central Board of Direct Taxes. en-us Tue, 29 Sep 2020 00:00:00 +0530 Fri, 02 Jul 2021 15:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399544 The High Court ruled in favor of the revenue, overturning the Tribunal's decision, emphasizing that the disallowance under Section 14A of the Income Tax Act, read with Rule 8D, must be applied regardless of whether the taxpayer earns exempt income in a specific year. The Court held that the interpretation of Section 14A does not require actual receipt of exempted income for the provision to be invoked, aligning its decision with the law laid down by the Supreme Court and Circular No.5/2014 issued by the Central Board of Direct Taxes. Case-Laws Income Tax Tue, 29 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399544