Dismissing the appeal of the revenue the Court held that when the assessee had not earned any exempt income during the year , no disallowance can be made . ( AY. 2013 -14 )
PCIT v. Nam Estates (P) Ltd. (2021) 281 Taxman 7 (Karn) (HC)
S.14A : Disallowance of expenditure – Exempt income – No disallowance can be made when the assessee had not earned any exempt income [ R.8D ]