https://www.taxtmi.com/caselaws?id=426776 Disallowance under section 14A was confined to expenditure relatable to exempt income, and could not exceed the exempt income actually earned on the facts. The assessee had only nominal exempt income, and the CIT(A) restricted the addition accordingly after applying the settled position that section 14A operates only in relation to income not forming part of total income. The Tribunal found that this restriction was consistent with the prevailing judicial position and saw no reason to interfere. The Revenue's challenge therefore failed, and the disallowance was upheld only to the extent of the exempt income received. en-us Tue, 02 Aug 2022 00:00:00 +0530 Wed, 24 Aug 2022 13:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426776 Disallowance under section 14A was confined to expenditure relatable to exempt income, and could not exceed the exempt income actually earned on the facts. The assessee had only nominal exempt income, and the CIT(A) restricted the addition accordingly after applying the settled position that section 14A operates only in relation to income not forming part of total income. The Tribunal found that this restriction was consistent with the prevailing judicial position and saw no reason to interfere. The Revenue's challenge therefore failed, and the disallowance was upheld only to the extent of the exempt income received. Case-Laws Income Tax Tue, 02 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426776