https://www.taxtmi.com/caselaws?id=794397 Disallowance under section 14A read with Rule 8D was held unsustainable where the assessee had not earned any exempt income during the relevant assessment year. The amendment inserting the Explanation to section 14A with effect from 1 April 2022 was treated as prospective and not applicable to assessment year 2020-21. On that basis, the absence of exempt income meant that no disallowance under section 14A could be made, and the deletion of the disallowance was upheld. en-us Mon, 22 Jun 2026 00:00:00 +0530 Sat, 04 Jul 2026 08:15:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=794397 Disallowance under section 14A read with Rule 8D was held unsustainable where the assessee had not earned any exempt income during the relevant assessment year. The amendment inserting the Explanation to section 14A with effect from 1 April 2022 was treated as prospective and not applicable to assessment year 2020-21. On that basis, the absence of exempt income meant that no disallowance under section 14A could be made, and the deletion of the disallowance was upheld. Case-Laws Income Tax Mon, 22 Jun 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=794397