Dismissing the appeal of the revenue the Court held that disallowance u/s 14A cannot exceed exempt income .( AY.2010-11)
PCIT v. State Bank of Patiala ( 2018) 99 taxmann.com 285 / 259 Taxman 315 ( P& H) (HC) Editorial: SLP of revenue is dismissed , PCIT v. State Bank of Patiala ( 2018) 259 Taxman 314( SC)
S. 14A : Disallowance of expenditure – Exempt income – Disallowance cannot exceed exempt income [ S. 263 ,R.8D ]