https://www.taxtmi.com/caselaws?id=303051 The Tribunal dismissed the Revenue's appeal, upholding the deletion of disallowance under Section 14A as the assessee did not earn any exempt income during the relevant year. Citing precedents, including a Bombay High Court decision, it was emphasized that Section 14A does not apply in the absence of actual receipt of exempt income. The Tribunal affirmed the order of the Commissioner of Income Tax (Appeals) based on the lack of exempt income, underscoring the necessity of income receipt for Section 14A to be applicable. en-us Wed, 12 Jun 2019 00:00:00 +0530 Fri, 01 Jul 2022 11:14:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=303051 The Tribunal dismissed the Revenue's appeal, upholding the deletion of disallowance under Section 14A as the assessee did not earn any exempt income during the relevant year. Citing precedents, including a Bombay High Court decision, it was emphasized that Section 14A does not apply in the absence of actual receipt of exempt income. The Tribunal affirmed the order of the Commissioner of Income Tax (Appeals) based on the lack of exempt income, underscoring the necessity of income receipt for Section 14A to be applicable. Case-Laws Income Tax Wed, 12 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=303051