https://www.taxtmi.com/caselaws?id=764437 The court ruled that disallowance under Section 14A of the Income Tax Act is not justified for the assessment years 2015-16 and 2016-17, as the assessee did not earn any exempt income during these periods. It was determined that the explanation introduced by the Finance Act, effective from 1.4.2022, does not apply retrospectively to these assessment years. The court set aside the orders of the Ld. CIT(A), affirming that legislative amendments are generally prospective unless explicitly stated otherwise. en-us Wed, 08 Jan 2025 00:00:00 +0530 Fri, 10 Jan 2025 08:57:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764437 The court ruled that disallowance under Section 14A of the Income Tax Act is not justified for the assessment years 2015-16 and 2016-17, as the assessee did not earn any exempt income during these periods. It was determined that the explanation introduced by the Finance Act, effective from 1.4.2022, does not apply retrospectively to these assessment years. The court set aside the orders of the Ld. CIT(A), affirming that legislative amendments are generally prospective unless explicitly stated otherwise. Case-Laws Income Tax Wed, 08 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764437