Dismissing the appeal of the revenue the Tribunal held that ; disallowance cannot exceed amount of exempt income and if there is no exempt income, no disallowance can be made. ( AY.2013-14)
ACIT v. Satish Kumar Agarwal. (2018) 172 ITD 143 (Jaipur) (Trib.)
S. 14A : Disallowance of expenditure – Exempt income – Disallowance cannot exceed amount of exempt income and if there is no exempt income, no disallowance can be made. [ R.8D ]