https://www.taxtmi.com/caselaws?id=406848 The High Court of Karnataka ruled in favor of the assessee, dismissing the appeal by the revenue. The Court held that since no exempt income was earned in the relevant year, the disallowance under Section 14A of the Income Tax Act was unwarranted. The judgment emphasized that expenses should only be disallowed if they are related to the actual income earned, aligning with the principle that the provision applies to income that is exempt. en-us Fri, 26 Mar 2021 00:00:00 +0530 Sat, 24 Apr 2021 09:37:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406848 The High Court of Karnataka ruled in favor of the assessee, dismissing the appeal by the revenue. The Court held that since no exempt income was earned in the relevant year, the disallowance under Section 14A of the Income Tax Act was unwarranted. The judgment emphasized that expenses should only be disallowed if they are related to the actual income earned, aligning with the principle that the provision applies to income that is exempt. Case-Laws Income Tax Fri, 26 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406848