If absence of exempt income disallowance u/s 14A not warranted

Brief case of the case: In the case of M/s Chhaganlal Khimji & Co. Vs. ACIT Mumbai Bench of ITAT have held that that no disallowance can be made u/s.14A when there is no exempt income. ITAT relied upon the judgments of various courts in coming to the conclusion. ITAT also upheld the decision of CIT (A) on other grounds related to borrowed funds. Facts of the case: Assessee Company is a group concern of Marathon Group and engaged in the business of construction of commercial & residential complexes and investments. The assessee company is authorized to lend advance money as per clause ...