https://www.taxtmi.com/caselaws?id=309217 The Tribunal allowed the appeal filed by the assessee, setting aside the disallowance of Rs. 35,56,906 under Section 14A of the Income Tax Act, 1961. The Tribunal held that since the assessee did not earn any exempt income during the relevant financial year, no disallowance under Section 14A read with Rule 8D could be made. The decision was based on the prospective nature of the explanation inserted in Section 14A by the Finance Act, 2022, and relevant judicial precedents. en-us Fri, 22 Jul 2022 00:00:00 +0530 Thu, 17 Aug 2023 21:49:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=309217 The Tribunal allowed the appeal filed by the assessee, setting aside the disallowance of Rs. 35,56,906 under Section 14A of the Income Tax Act, 1961. The Tribunal held that since the assessee did not earn any exempt income during the relevant financial year, no disallowance under Section 14A read with Rule 8D could be made. The decision was based on the prospective nature of the explanation inserted in Section 14A by the Finance Act, 2022, and relevant judicial precedents. Case-Laws Income Tax Fri, 22 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=309217