Held that when the assessee was not in receipt of exempt income during year, no disallowance warranted. (AY. 2015-16, 2017-18, 2019-20)
Lumino Industries Ltd. v. ACIT (2022) 94 ITR 675 / 215 TTJ 62/ 213 DTR 290 (Kol.)(Trib.)
S. 14A : Disallowance of expenditure-Exempt income-Exempt income not received during year-No disallowance can be made. [R. 8D]