Bombay High Court Dismisses Revenue's Appeal in Income Tax Case — Disallowance Under Section 14A Not Applicable When No Exempt Income Earned. The court held that Section 14A of the Income Tax Act, 1961 cannot be invoked to disallow expenditure where the assessee has not earned any exempt income during the relevant assessment year....
The case pertains to an appeal filed by the Principal Commissioner of Income Tax-2, Mumbai, under Section 260A of the Income Tax Act, 1961, against an order dated 9th May 2017 passed by the Income Tax...
