https://www.taxtmi.com/caselaws?id=778869 Disallowance under section 14A read with rule 8D was not sustainable where no exempt income was earned during the year, because the prevailing legal view treats section 14A as inapplicable in the absence of such income. The Explanation inserted by the Finance Act, 2022 to section 14A was held to operate prospectively from 01.04.2022 and could not be applied to earlier assessment years. The issue was therefore decided in favour of the assessee. en-us Fri, 17 Jan 2025 00:00:00 +0530 Wed, 24 Sep 2025 08:08:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=778869 Disallowance under section 14A read with rule 8D was not sustainable where no exempt income was earned during the year, because the prevailing legal view treats section 14A as inapplicable in the absence of such income. The Explanation inserted by the Finance Act, 2022 to section 14A was held to operate prospectively from 01.04.2022 and could not be applied to earlier assessment years. The issue was therefore decided in favour of the assessee. Case-Laws Income Tax Fri, 17 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=778869