Tribunal held that on facts the assessee has not earned any tax -exempt income during the relevant assessment year hence no disallowance can be made . Relied on Cheminvest ltd. v. CIT ( 2015) 378 ITR 33 ( Delhi) (HC) (ITA no 6264/M/18 dt 14 -05 -2020 ) (AY. 2013-14)
Dy.CIT v JSW Ltd ( 2020) 116 taxmann.com 565 79 ITR 585 / 183 ITD 148/ 189 DTR 15/205 TTJ 1 ( Mum) (Trib) www.itatonline.org
S. 14A : Disallowance of expenditure – Exempt income -Not earned any tax-exempt during the relevant assessment year – Mixed funds – No disallowance can be made .[ S.80D (2)(ii) ]