Dismissing the appeal of the revenue the Court held that under S. 14A no disallowance can be made if no exemption from the income has been claimed. ( AY. 2011-12)
PCIT v. Jay Chemical Industries Ltd. (2020)422 ITR 449 / 107 CCH 0459 / 275 Taxman 78(Guj) (HC)
S. 14A : Disallowance of expenditure – Exempt income – No disallowance if exemption has not been claimed.[ R.8D ]