https://www.taxtmi.com/caselaws?id=308611 The High Court dismissed the appeal concerning disallowance under Section 14A of the Income Tax Act for the Assessment Year 2014-15. The Court upheld the Tribunal's decision to delete the disallowances under Section 14A read with Rule 8D(2)(ii) as there was no exempt income earned by the assessee during the relevant year. Emphasizing the absence of exempt income, the Court ruled that Section 14A did not apply, in line with established legal principles and precedents. The appeal was dismissed based on the factual circumstances and consistent legal interpretation regarding similar issues. en-us Wed, 10 Mar 2021 00:00:00 +0530 Sat, 08 Jul 2023 07:36:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=308611 The High Court dismissed the appeal concerning disallowance under Section 14A of the Income Tax Act for the Assessment Year 2014-15. The Court upheld the Tribunal's decision to delete the disallowances under Section 14A read with Rule 8D(2)(ii) as there was no exempt income earned by the assessee during the relevant year. Emphasizing the absence of exempt income, the Court ruled that Section 14A did not apply, in line with established legal principles and precedents. The appeal was dismissed based on the factual circumstances and consistent legal interpretation regarding similar issues. Case-Laws Income Tax Wed, 10 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=308611