Court held that that in the absence of any mechanism in the AY. 2002-03 to compute the disallowance for expenditure incurred for earning exempt income, the Tribunal grossly erred in setting aside the order of the Commissioner (Appeals). ( AY.2000-01, 2001-02, 2002-03)
Ingersoll-Rand (India) Ltd v .CIT (2020) 427 ITR 158/192 DTR 369 (Karn)(HC)
S. 14A : Disallowance of expenditure – Exempt income – Amendment is not retrospective- Not applicable to Assessment year prior to AY 2007-08 [ S. 10(33),254(1) ]