Held that the assessee has not earned any exempt income during the year and therefore, in absence of any exempt income disallowance under section 14A was uncalled for. PCIT v Era Infrastructure (India) Pvt Ltd(2022)) 141 Taxmann.Com 289 (Delhi)(HC) (AY. 2013-14)
ACIT (LTU) v. Tamilnadu Petroproducts Ltd. (2023) 103 ITR 92 (SN) (Chennai)(Trib)
S. 14A : Disallowance of expenditure-Exempt income-No exempt income – Disallowance cannot be made-Amendment made by Finance Act, 2022 to section 14A by inserting a non-obstante clause and Explanation will take effect from 1-4-2022 and cannot be presumed to have retrospective effects.[R.8D]
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