No Disallowance under Section 14A/Rule 8D without Exempt Income

OJAS Industries Pvt. Ltd. Vs ACIT (ITAT Delhi) In a noteworthy decision, the Income Tax Appellate Tribunal (ITAT) Delhi has ruled in favor of OJAS Industries Pvt. Ltd. in their appeal against an order issued by the National Faceless Appeal Centre (NFAC), Delhi. The appeal pertains to the Assessment Year 2017-18 and revolves around the disallowance made under Section 14A of the Income-tax Act, 1961, read with Rule 8D. The Disallowance Issue The crux of the matter lies in the disallowance of Rs. 92,94,564/- made by the Assessing Officer under Section 14A. The Assessing Officer based this disallo...