https://www.taxtmi.com/caselaws?id=463406 Section 14A disallowance could not be sustained where the assessee earned no exempt income during the relevant year; mere holding of investments capable of yielding exempt income was insufficient. The Tribunal applied the settled position that the section 14A machinery cannot operate in the absence of exempt income, and noted that no contrary operative order was produced to displace that principle. The deletion of the disallowance under Rule 8D was therefore upheld in favour of the assessee. en-us Fri, 19 Jul 2019 00:00:00 +0530 Sat, 30 Aug 2025 20:06:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=463406 Section 14A disallowance could not be sustained where the assessee earned no exempt income during the relevant year; mere holding of investments capable of yielding exempt income was insufficient. The Tribunal applied the settled position that the section 14A machinery cannot operate in the absence of exempt income, and noted that no contrary operative order was produced to displace that principle. The deletion of the disallowance under Rule 8D was therefore upheld in favour of the assessee. Case-Laws Income Tax Fri, 19 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=463406