Allowing the appeal the Court held that when there is no dividend income earned, disallowance cannot be made. (AY. 2014-15)
Tamilnadu Road Development Co. Ltd. v. Dy.CIT (2021) 436 ITR 298 (Mad.)(HC)
S. 14A : Disallowance of expenditure-Exempt income-No dividend income earned-Disallowance cannot be made [R. 8D]