Tribunal held that when there is no exempt income received by the assessee during the year under consideration, no disallowance can be made. Followed
Cheminvest Ltd. v. CIT [2015 378 ITR 33 (Delhi) (HC) ( AY.2011-12)
Dy. CIT v. Hind Industries Ltd. (2020)79 ITR 1 / (2021 ) 186 ITD 272(Delhi) (Trib)
S. 14A : Disallowance of expenditure – Exempt income – No exempt income received during year — Disallowance cannot be made [ R.8D ]