Tribunal held that there was no tax exempt income in the relevant previous year, no disallowance under section 14A could have been made. Relied on Cheminvest Ltd v. CIT ( 2015) 378 ITR 33 ( Delhi) (HC) ( AY.2013-14)
Dy. CIT v. JSW Ltd (2020)79 ITR 585 / 116 taxmann.com 565 /183 ITD 148/ 189 DTR15 / 205 TTJ 1 (Mum) (Trib)
S. 14A : Disallowance of expenditure – Exempt income -No exempt income in relevant previous year — No disallowance can be made .[ R 8D ]