Held that disallowance under section 14A was to be made only on basis of investments which yielded tax free income. (AY. 2013-14)
Zuari Investments Ltd. v. ITO (2022) 209 DTR 313 / 215 TTJ 515 / 139 taxmann.com 92 (Delhi) (Trib)
S. 14A : Disallowance of expenditure-Exempt income-Disallowance can be made only on basis of investments which yielded tax free income. [R. 8D]