Disallowance u/s 14A in absence of exempt income unsustainable

Baghban Packaging LLP. Vs PCIT (ITAT Ahmedabad) ITAT Ahmedabad held that where no exempt income is earned by the assessee there is no case for making any disallowance under Section 14A of the Income Tax Act. Facts- The present appeal is filed by the assessee against order passed by PCIT in exercise of the revisionary power u/s 263 of the Income Tax Act. Notably, PCIT found that the assessment order passed by AO is erroneous so as to cause prejudice to the interest of the revenue since AO made no disallowance of expenses incurred by the assessee for earning exempt income in terms of section 14A...