Tribunal held that where dividend income earned by assessee was of Rs. 1,80,717/-which was claimed exempt under section 10(34), disallowance under section 14A read with Rule 8D should not exceed to Rs.1,80,717/-, i.e., exempt income. (AY. 2015-16)
Kundan Rice Mills Ltd. v. ACIT (2020) 83 ITR 466 / 185 ITD 765 (Delhi)(Trib.)
S. 14A : Disallowance of expenditure-Exempt income-Disallowance cannot be more than exempt income. [S. 10(34), R. 8D]