Tribunal held that only exempt income yielding investments were to be considered to compute the disallowance under section 14A. The disallowance would be made under the normal provisions as well as while computing book profits under section 115JB since the disallowance substantially was comprised of direct expenditure under rule 8D(2)(i).(AY.2013-14)
Bahar Agrochem And Feeds P. Ltd. v. Dy.CIT (2020) 80 ITR 24 (SN) (Mum.)(Trib.)
S. 14A : Disallowance of expenditure-Exempt income-Only exempt income yielding investments to be considered to compute disallowance. [S. 115JB, R. 8D]