https://www.taxtmi.com/caselaws?id=411657 The Tribunal upheld the CIT(A)'s decision to delete the disallowance under section 14A of the I.T. Act as no exempted income was earned during the relevant assessment year. Citing a judgment of the Hon'ble Delhi High Court, the Tribunal emphasized that disallowance cannot be imposed in the absence of exempted income. The decision was consistent with previous orders and legal principles, ensuring a fair application of the tax provisions. The Tribunal dismissed the Revenue's appeal, affirming the deletion of the disallowance and providing clarity on the interpretation of section 14A. en-us Fri, 19 Feb 2021 00:00:00 +0530 Wed, 01 Sep 2021 08:57:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411657 The Tribunal upheld the CIT(A)'s decision to delete the disallowance under section 14A of the I.T. Act as no exempted income was earned during the relevant assessment year. Citing a judgment of the Hon'ble Delhi High Court, the Tribunal emphasized that disallowance cannot be imposed in the absence of exempted income. The decision was consistent with previous orders and legal principles, ensuring a fair application of the tax provisions. The Tribunal dismissed the Revenue's appeal, affirming the deletion of the disallowance and providing clarity on the interpretation of section 14A. Case-Laws Income Tax Fri, 19 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411657