https://www.taxtmi.com/caselaws?id=457140 ITAT Bangalore ruled in favor of the assessee regarding disallowance under Section 14A read with Rule 8D(2)(ii)(iii). The tribunal held that no disallowance could be made as the assessee had not received any exempt income during the year. Following the Karnataka HC decision in PCIT v. Delhi International Airport P. Ltd and SC precedent in Maxopp Investment Ltd, the tribunal emphasized that Section 14A provisions relate only to actual exempt income earned, not notional or anticipated income. The appeal was allowed. en-us Tue, 02 Jul 2024 00:00:00 +0530 Thu, 05 Sep 2024 16:26:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457140 ITAT Bangalore ruled in favor of the assessee regarding disallowance under Section 14A read with Rule 8D(2)(ii)(iii). The tribunal held that no disallowance could be made as the assessee had not received any exempt income during the year. Following the Karnataka HC decision in PCIT v. Delhi International Airport P. Ltd and SC precedent in Maxopp Investment Ltd, the tribunal emphasized that Section 14A provisions relate only to actual exempt income earned, not notional or anticipated income. The appeal was allowed. Case-Laws Income Tax Tue, 02 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457140