https://www.taxtmi.com/caselaws?id=399633 Where no exempt income is earned and no exemption claim is made, section 14A read with Rule 8D does not permit a disallowance because the provision operates only against expenditure relating to income excluded from total income. The Tribunal also stated that book-profit computation under section 115JB is to be made independently and section 14A disallowance cannot be mechanically imported into clause (f) of Explanation 1. On that reasoning, no adjustment to book profit was permissible on account of the section 14A computation. en-us Fri, 09 Oct 2020 00:00:00 +0530 Thu, 15 Oct 2020 14:18:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399633 Where no exempt income is earned and no exemption claim is made, section 14A read with Rule 8D does not permit a disallowance because the provision operates only against expenditure relating to income excluded from total income. The Tribunal also stated that book-profit computation under section 115JB is to be made independently and section 14A disallowance cannot be mechanically imported into clause (f) of Explanation 1. On that reasoning, no adjustment to book profit was permissible on account of the section 14A computation. Case-Laws Income Tax Fri, 09 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399633