Held, that the assessee was not in receipt of any exempt income on the investments made by it. The Finance Act, 2022 had amended section 14A wherein it was stated that irrespective of whether the assessee is not in receipt of exempt income, disallowance under section 14A can be made. However, the amendment was prospective and applied for and from the assessment year 2022-23 onwards. Therefore, no disallowance under section 14A was called for. (AY.2013-14)