https://www.taxtmi.com/caselaws?id=463867 Disallowance under section 14A read with Rule 8D was held unsustainable where no exempt income was earned during the relevant assessment years, because the statutory precondition for invoking section 14A did not arise. The CBDT circular relied upon by the Revenue could not override the Act or the Rules. On that basis, the deletion of the disallowance by the appellate authority was upheld. en-us Fri, 22 Dec 2017 00:00:00 +0530 Fri, 19 Sep 2025 18:58:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=463867 Disallowance under section 14A read with Rule 8D was held unsustainable where no exempt income was earned during the relevant assessment years, because the statutory precondition for invoking section 14A did not arise. The CBDT circular relied upon by the Revenue could not override the Act or the Rules. On that basis, the deletion of the disallowance by the appellate authority was upheld. Case-Laws Income Tax Fri, 22 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=463867