Court held that when there is no exempt income has accrued to the assessee, the provisions of section 14A of the Act are not attracted, and no disallowance can be made under the provision.( AY. 2004-05)
Biocon Ltd v. Dy. CIT(2021) 431 ITR 326 / 202 DTR 364/ 278 Taxman 121 / 321 CTR 452 (Karn)(HC)
S. 14A : Disallowance of expenditure – Exempt -No exempt income — Disallowance is not justified. [ R.8D ]