https://www.taxtmi.com/caselaws?id=796514 Disallowance of expenditure relating to exempt income under section 14A read with Rule 8D cannot exceed the exempt income earned for the relevant year. For assessment years preceding 1 April 2022, the Explanation inserted into section 14A by the Finance Act, 2022 is prospective and does not alter the pre-amendment position. Accordingly, the disallowance must be restricted to the exempt income actually earned, and the later Explanation does not apply to assessment year 2018-19. en-us Thu, 30 Jul 2026 00:00:00 +0530 Thu, 06 Aug 2026 09:11:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=796514 Disallowance of expenditure relating to exempt income under section 14A read with Rule 8D cannot exceed the exempt income earned for the relevant year. For assessment years preceding 1 April 2022, the Explanation inserted into section 14A by the Finance Act, 2022 is prospective and does not alter the pre-amendment position. Accordingly, the disallowance must be restricted to the exempt income actually earned, and the later Explanation does not apply to assessment year 2018-19. Case-Laws Income Tax Thu, 30 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=796514