Held that when the assessee has not earned any exempt income during year no disallowance of interest can be made. (AY.2014-15).
JCIT v. Reliance Life Sciences Pvt. Ltd. (2021) 91 ITR 468 (Mum.) (Trib.)
S. 14A: Disallowance of expenditure-exempt income-Interest-Not earning any exempt income during year-No disallowance of interest [R. 8D]