Dismissing the appeal of the revenue the Tribunal held that disallowance of expenditure cannot exceed exempt expenditure. (AY. 2011-12)
ACIT v. Eastern Silk Industries Ltd. (2019) 179 ITD 22/ 184 DTR 406 (Kol) (Trib.)
S. 14A : Disallowance of expenditure – Exempt income – Disallowance cannot exceed more than exempt income .[ R.8D ]