Disallowance of expenses under section 14A read with rule 8D shall not exceed exempt income earned during relevant assessment year.(AY. 2010-11 to 2012-13)
DCIT v. Forum Projects (P.) Ltd. (2023) 202 ITD 51 (Kol) (Trib.)
S. 14A : Disallowance of expenditure-Exempt income-Disallowance cannot exceed the exempt income.[R.8D]