https://www.taxtmi.com/acts?id=40478 The amendment inserts a notwithstanding clause into section 14A(1) to provide that no deduction shall be allowable for expenditure incurred in relation to income not forming part of total income. An Explanation deems the section to have always applied where such excluded income has not accrued, arisen or been received during the relevant previous year but related expenditure was incurred in that year. en-us Tue, 01 Feb 2022 14:48:09 +0530 Tue, 01 Feb 2022 14:48:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=40478 The amendment inserts a notwithstanding clause into section 14A(1) to provide that no deduction shall be allowable for expenditure incurred in relation to income not forming part of total income. An Explanation deems the section to have always applied where such excluded income has not accrued, arisen or been received during the relevant previous year but related expenditure was incurred in that year. Act-Rules Bills Tue, 01 Feb 2022 14:48:09 +0530 https://www.taxtmi.com/acts?id=40478