https://www.taxtmi.com/caselaws?id=444290 The Tribunal ruled in favor of the assessee, holding that a disallowance cannot be made under section 14A of the Income Tax Act when no exempt income was earned during the assessment year. The Tribunal emphasized the prospective nature of the amendment to section 14A and stated that the provision applies only in relation to an assessee's exempt income. The decision clarified that disallowances under section 14A are contingent upon the earning of exempt income, affirming that no disallowance can be imposed in the absence of dividend income during the relevant year. en-us Tue, 10 Oct 2023 00:00:00 +0530 Thu, 12 Oct 2023 10:31:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444290 The Tribunal ruled in favor of the assessee, holding that a disallowance cannot be made under section 14A of the Income Tax Act when no exempt income was earned during the assessment year. The Tribunal emphasized the prospective nature of the amendment to section 14A and stated that the provision applies only in relation to an assessee's exempt income. The decision clarified that disallowances under section 14A are contingent upon the earning of exempt income, affirming that no disallowance can be imposed in the absence of dividend income during the relevant year. Case-Laws Income Tax Tue, 10 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444290