Tribunal held that disallowance cannot exceed exempt income and when investment was made from own funds no disallowance can be made. (AY. A2010-11 to 2012-13)
Nitesh Estates Ltd. v. Dy. CIT (2021) 85 ITR 421 (Bang.)(Trib.)
S. 14A : Disallowance of expenditure-Exempt income-Disallowance cannot exceed exempt income-Investment from own funds-No disallowance can be made. [R. 8D]