No disallowance u/s. 14A in absence of any exempt income

Trustworthy Security Services Private Limited Vs PCIT (ITAT Delhi)

ITAT Delhi held that revisionary order passed under section 263 of the Income Tax Act is liable to be quashed as no disallowance under section 14A of the Income Tax Act is permissible if no exempt income is earned. Accordingly, appeal allowed.

Facts- The assessee, a private limited company filed its return of income on 29.03.2019 declaring total income at Rs.26,55,680/- for the year under consideration assessment whereof was completed u/s. 143(3) of the Act upon accepting the same. Subsequent

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