Dismissing the appeal of the revenue the Court held that, no disallowance can be made when the assessee has not earned any exempt income during the year .( AY. 2010-11)
CIT v. Goldman Sachs Services P. Ltd. (2018) 409 ITR 268 (Karn.)(HC)
S. 14A : Disallowance of expenditure – Exempt income – No disallowance can be made when the assessee has not earned any exempt income during the year. [R. 8D]