Held, that the Assessing Officer was to restrict the disallowance made under section 14A of the Income-tax Act, 1961 to the extent of exempt income earned. (AY.2013-14)
Electronica Machine Tools Ltd. v. Dy. CIT (2023)107 ITR 24 (SN) (Pune)(Trib.)
S. 14A : Disallowance of expenditure-Exempt income-Disallowance is restricted to extent of exempt income earned.[R.8D]