Dismissing the appeal of the revenue, the Court held that if there is no expenditure incurred no disallowance can be made. Rule 8D cannot be made applicable assessment year prior to AY. 2008-09. (AY. 2000-01)
CIT v. Syndicate Bank (2020) 186 DTR 200 / 313 CTR 576 (Karn.) (HC)
S. 14A : Disallowance of expenditure-Exempt income–No expenditure incurred – Disallowances cannot be made–Rule 8D cannot be made applicable assessment year prior to AY. 2008-09. [R. 8D]