Tribunal held that; When no exempt earned during the assessment year, no disallowances can be made. (AY. 2009-10, 2012-13)
ACIT v. Gini & Jony Ltd. (2018) 172 ITD 472 / 67 ITR 45 (SN)(2019) 197 TTJ 322/ 178 DTR 114(Mum) (Trib.)
S. 14A : Disallowance of expenditure-Exempt income–When no exempt earned during the assessment year, no disallowances can be made. [R. 8D]