Tribunal held that there can be no disallowance of expenses under section 14A, if there is no exempt income earned during relevant previous year and disallowance cannot exceed exempt income. (AY. 2014-15, 2015-16)
Global Tech Park (P.) Ltd. v. ACIT (2020) 184 ITD 673 (Bang.)(Trib.)
S. 14A : Disallowance of expenditure-Exempt income-No disallowance of expenses can be made if there is no exempt income earned during relevant previous year. [R. 8D]