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PCIT v. Devata Tradelink Ltd. (2024) 297 Taxman 86 (Delhi) (HC) Dy. CIT v. Jite Shipyard Ltd. (2024) 297 Taxman 476 (Delhi)(HC)

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

Dismissing the appeal of the Revenue the Court held that Disallowance cannot exceed exempt income. (AY. 2008-09)