https://www.taxtmi.com/caselaws?id=756927 Section 14A disallowance cannot be sustained where no exempt income was earned during the relevant year, because the disallowance mechanism under rule 8D applies only in relation to exempt income. The Tribunal followed the Delhi High Court in Era Infrastructure (India) Ltd. and held that the amendment making such disallowance mandatory from 01.04.2022 operates prospectively. The disallowance was directed to be deleted. en-us Fri, 09 Aug 2024 00:00:00 +0530 Mon, 12 Aug 2024 08:26:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756927 Section 14A disallowance cannot be sustained where no exempt income was earned during the relevant year, because the disallowance mechanism under rule 8D applies only in relation to exempt income. The Tribunal followed the Delhi High Court in Era Infrastructure (India) Ltd. and held that the amendment making such disallowance mandatory from 01.04.2022 operates prospectively. The disallowance was directed to be deleted. Case-Laws Income Tax Fri, 09 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756927