Disallowance is restricted to extent of exempt income earned by assessee-company during relevant year. (AY. 2009-10)
Pricewaterhouse Coopers (P.) Ltd. v. ACIT (2021) 189 ITD 329 (Kol.)(Trib.)
S. 14A : Disallowance of expenditure-Exempt income-Disallowance is restricted to extent of exempt income. [R.8D]