Tribunal held that held that disallowance of the expenses could not exceed the amount of exempted income. (AY.2014-15)
Addlife Investments Pvt. Ltd. v. Dy. CIT (2020) 84 ITR 343/ (2021) 187 ITD 591/ 201 DTR 145 (Ahd.)(Trib.)
S. 14A : Disallowance of expenditure-Exempt income-Disallowance cannot exceed exempt income. [R. 8D]