ACIT v. Bajaj Capital Ventures (P.) Ltd. (2022) 196 ITD 24/ 216 DTR 33/ 218 TTJ 832 (Mum.) (Trib.)

S. 14A : Disallowance of expenditure-Exempt income-No exempt income-Disallowance cannot be made-Prior to 1-4-2022 [R. 8D]

Held that prior to 1-4-2022, no disallowance could be made under section 14A with respect to expenditure incurred by assessee to earn exempt income, when no exempt income was earned during relevant assessment year. (AY. 2016-17, 2017-18)