Court held that the Tribunal was right in holding that the provisions of section 14A read with rule 8D would have no applicability if there was no exempt income received. ( AY.2011-12)
CIT v. Celebrity Fashion Ltd. (2020) 428 ITR 470 (Mad) (HC)
S. 14A : Disallowance of expenditure – Exempt income -No non-taxable income — No disallowance could be made [ R.8D ]