Court rules disallowance under Sec 14A without exempt income not valid. Can't apply new rule retroactively. Prev year's disallowance rejected.

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....The case concerns disallowance u/s 14A r.w.r. 8D without exempt income for A.Y. Issue of retrospective/prospective application of Section 14A explanation post Finance Act, 2022. CIT(A) upheld disallowance citing Finance Act, 2020. SC rulings state disallowance impermissible without exempt income. AO's presumptions on investment source are not legally tenable. CIT(A)'s reliance on retrospective application of Section 14A explanation is illegal. Section 14A amendment not retroactive to A.Y. 2016-17. Tribunal rules against revenue, in favor of appellant, as AO's satisfaction for disallowance was based on future dividend income presumptions, lacking legal basis.....