The Tribunal after relying on the decision of Delhi High Court in the case of ACB Investment P Ltd. v. ACIT (2015) 374 ITR 108 (Delhi) (HC) held that only those investments from which the Assesse had earned exempt income during the year were required to be considered for the purposes of working out the disallowance u/s. 14A of the Act read with rule 8D. (AY. 2008-09, 2009-10, 2010-11)
PTC India Ltd. v. DCIT (2019) 69 ITR 37(SN.) (Delhi) (Trib.)
S. 14A : Disallowance of expenditure-Exempt income-Only investment from which assesse has earned exempt income to be considered for disallowance. [R. 8D]