Disallowance under section 14A cannot exceed the exempt income earned during the year. (AY. 2008-09, 2009-10)
PCIT v. EWS Finance & Investments Pvt. Ltd. (2021) 433 ITR 23 (Mad.)(HC)
S. 14A : Disallowance of expenditure-Exempt income-Disallowance not to exceed exempt income. [R. 8D]