https://www.taxtmi.com/caselaws?id=404096 The Court dismissed the revenue's appeal in a tax matter concerning disallowance under Section 14A of the Income Tax Act, 1961. The Court ruled in favor of the assessee, emphasizing that if no exempt income was earned, Section 14A did not apply. Additionally, the Court's interpretation of Circular No.5/2014 highlighted that only expenses related to earning income should be considered for disallowance. The decision was based on the absence of exempt income during the relevant year, aligning with established principles and case law, resulting in the dismissal of the revenue's appeal. en-us Thu, 04 Feb 2021 00:00:00 +0530 Mon, 15 Feb 2021 13:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404096 The Court dismissed the revenue's appeal in a tax matter concerning disallowance under Section 14A of the Income Tax Act, 1961. The Court ruled in favor of the assessee, emphasizing that if no exempt income was earned, Section 14A did not apply. Additionally, the Court's interpretation of Circular No.5/2014 highlighted that only expenses related to earning income should be considered for disallowance. The decision was based on the absence of exempt income during the relevant year, aligning with established principles and case law, resulting in the dismissal of the revenue's appeal. Case-Laws Income Tax Thu, 04 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404096