https://www.taxtmi.com/caselaws?id=457363 Section 14A disallowance cannot be sustained where the assessee earned no exempt income during the relevant year, even if Rule 8D was applied on the basis that no separate books were maintained for expenditure relatable to exempt income. The Tribunal applied the settled principle that, in the absence of exempt income, there is no basis for disallowance under section 14A. The disallowance was therefore deleted in favour of the assessee. en-us Fri, 08 Sep 2023 00:00:00 +0530 Wed, 18 Sep 2024 07:52:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457363 Section 14A disallowance cannot be sustained where the assessee earned no exempt income during the relevant year, even if Rule 8D was applied on the basis that no separate books were maintained for expenditure relatable to exempt income. The Tribunal applied the settled principle that, in the absence of exempt income, there is no basis for disallowance under section 14A. The disallowance was therefore deleted in favour of the assessee. Case-Laws Income Tax Fri, 08 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457363