Affirming the order of the Tribunal the Court held that In absence of any exempt income disallowance cannot be made. Followed Cheminvest Ltd v. CIT (2015) 378 ITR 33 (Delhi) (HC) ( AY. 2013-14)
PCIT v. GVK Project and Technical Services Ltd. (2019) 106 taxmann.com 180 / 264 Taxman 77 (Delhi)(HC) Editorial: SLP of revenue is dismissed, PCIT v. GVK Project and Technical Services Ltd. (2019) 264 Taxman 76 (SC)
S. 14A : Disallowance of expenditure-Exempt income-In absence of any exempt income disallowance cannot be made. [R. 8D]