https://www.taxtmi.com/caselaws?id=471688 Section 14A read with Rule 8D permits disallowance only to the extent of expenditure relating to exempt income and cannot exceed the exempt income earned for the relevant assessment year. Where dividend income was exempt, the disallowance was restricted to that income rather than the higher amount computed under Rule 8D. The Explanation inserted by the Finance Act, 2022 was prospective and did not apply to assessment year 2013-14. This confines the disallowance to the amount of exempt income for that year. en-us Wed, 09 Apr 2025 00:00:00 +0530 Mon, 14 Sep 2026 19:03:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471688 Section 14A read with Rule 8D permits disallowance only to the extent of expenditure relating to exempt income and cannot exceed the exempt income earned for the relevant assessment year. Where dividend income was exempt, the disallowance was restricted to that income rather than the higher amount computed under Rule 8D. The Explanation inserted by the Finance Act, 2022 was prospective and did not apply to assessment year 2013-14. This confines the disallowance to the amount of exempt income for that year. Case-Laws Income Tax Wed, 09 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471688