Dismissing the appeal of the revenue the Court held that the Tribunal was justified in holding that when there was no exempt income declared for the assessment year 2008-09, there could not be any disallowance under section 14A read with rule 8D(2)(ii) . .( AY.2008-09)
PCIT v. Kohinoor Project Pvt. Ltd. (2020)425 ITR 700 / (2021) 276 Taxman 180 (Bom)(HC)
S. 14A : Disallowance of expenditure – Exempt income – No claim by assessee of exempt income — No disallowance can be made [ R.8D (2)(ii) ]