https://www.taxtmi.com/caselaws?id=299529 Section 14A read with Rule 8D could not be applied where the assessee had not earned any exempt income during the relevant assessment year. The Court followed its earlier binding view that Section 14A operates only when expenditure is incurred in relation to income not forming part of total income, and noted that the assessee had no dividend income for the year. It also held that Circular No. 5/2014 did not govern the assessment year in question. On that basis, the disallowance was held impermissible and the assessee's position was left undisturbed. en-us Tue, 25 May 2021 00:00:00 +0530 Tue, 22 Feb 2022 16:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=299529 Section 14A read with Rule 8D could not be applied where the assessee had not earned any exempt income during the relevant assessment year. The Court followed its earlier binding view that Section 14A operates only when expenditure is incurred in relation to income not forming part of total income, and noted that the assessee had no dividend income for the year. It also held that Circular No. 5/2014 did not govern the assessment year in question. On that basis, the disallowance was held impermissible and the assessee's position was left undisturbed. Case-Laws Income Tax Tue, 25 May 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=299529