Section 14A Disallowance Not Warranted If No Exempt Income Is Earned: ITAT

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has held that the disallowance under Section 14A of the Income Tax Act is not warranted if no exempt income is earned.The two-member bench of Anubhav Sharma (Judicial Member) and Anil Chaturvedi (Accountant Member) has observed that Section 14A envisages that there should be actual receipt of income, and hence Section 14A of the Act...