On facts the Tribunal in respect of exempt income of PSU Bonds of NTPC restricted the disallowance under section 14A was restricted to 1 per cent of exempt income ( AY. 1992-93)
DCIT v. Growmore Leasing & Investment Ltd. (2018) 168 ITD 1 (Mum) (Trib.)
S. 14A : Disallowance of expenditure – Exempt income –PSU bonds of NTPC – Disallowance was restricted to 1 percent of exempt income [ R.8D ]