Disallowance is held to be justified even though the assessee has not earned any exempt income. Referred Circulars and Notifications Circular No. 5/2014, dated 11-2-2014. Followed CIT v. Essar Teleholdings Ltd (2018) 401 ITR 445 (SC), Maxopp Investment Ltd. v. CIT (2018) 402 ITR 640 (SC) (AY. 2008-09)
CIT v. Kingfisher Finvest India Ltd. (2021) 434 ITR 150/276 Taxman 128 / 202 DTR 361/ 321 CTR 448(Karn.)(HC)
S. 14A : Disallowance of expenditure-Exempt income-Disallowance is held to be justified even though the assessee has not earned any exempt income. [R. 8D]
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