https://www.taxtmi.com/caselaws?id=402639 Disallowance under section 14A read with Rule 8D(2) was held unsustainable because no exempt income was earned during the relevant year. The Commissioner (Appeals) could not enhance the assessment under section 37(1) by relying on the assessee's stated suo motu disallowance, since there is no estoppel against law and an impermissible disallowance cannot be fastened on that basis. The enhancement and related disallowance were deleted, with the issue decided in favour of the assessee. en-us Tue, 05 Jan 2021 00:00:00 +0530 Fri, 08 Jan 2021 12:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402639 Disallowance under section 14A read with Rule 8D(2) was held unsustainable because no exempt income was earned during the relevant year. The Commissioner (Appeals) could not enhance the assessment under section 37(1) by relying on the assessee's stated suo motu disallowance, since there is no estoppel against law and an impermissible disallowance cannot be fastened on that basis. The enhancement and related disallowance were deleted, with the issue decided in favour of the assessee. Case-Laws Income Tax Tue, 05 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402639