Tribunal held that disallowance cannot exceed in excess of actual expenditure. (AY. 2011-12, 2012- 13)
Tash Investment (P.) Ltd. v. ACIT (2019) 177 ITD 210 /181 DTR 109(Ahd.) (Trib.)
S. 14A : Disallowance of expenditure-Exempt income– Disallowance cannot exceed in excess of actual expenditure. [R. 8D]