Tribunal held that disallowance cannot be made in absence of exempt income . (AY. 2011-12, AY. 2013-14)
Dy. CIT v. BBF Industries Ltd. (2019)73 ITR 428 (Chd.)(Trib.)
S. 14A : Disallowance of expenditure – Exempt income – Disallowance cannot be made in absence of exempt income . [ R.8D ]