Held that disallowance can not exceed assessee’s exempt income. (AY.2012-13)
Unilever Industries (P.) Ltd. v. Dy. CIT (2024) 205 ITD 212 (Mum)(Trib)
S. 14A : Disallowance of expenditure-Exempt income-Tax free dividend income-Disallowance could not exceed exempt income.[R.8D]