Tribunal held that only those investments were to be considered for computing the average value of investment which yielded exempt income during the year. The issue was remanded to the Assessing Officer for recomputing the disallowance under section 14A .( AY.2014-15, 2015-16)
Gujarat Mineral Development Corporation Ltd. v ACIT (2020) 81 ITR 57 (SN) ( Ahd) (Trib)
S. 14A : Disallowance of expenditure – Exempt income – Only Investments which yielded exempt income during relevant period to be considered for computing average value of investment [ R.8D ]