Home › Income-Tax Act › PCIT v. Ajit Ramakant Phatarpekar (2020) 429 ITR 319 / 196 DTR 296 (Bom.)(HC) PCIT v. Neelam Ajit Phatarpekar (2020) 429 ITR 319 / 196 DTR 296 (Bom.)(HC)

PCIT v. Ajit Ramakant Phatarpekar (2020) 429 ITR 319 / 196 DTR 296 (Bom.)(HC) PCIT v. Neelam Ajit Phatarpekar (2020) 429 ITR 319 / 196 DTR 296 (Bom.)(HC)

S. 14A : Disallowance of expenditure-Exempt income-Disallowance cannot exceed exempt income earned. [R. 8D]

Dismissing the appeal of the revenue the Court held that  Disallowance cannot exceed exempt income earned. Followed,  Nirved Traders Pvt. Ltd. v. Dy. CIT  (2020)421 ITR 142 (Bom.)(HC).  (AY. 2002-03)