Even if assessee not earns any exempt income, disallowance u/s. 14A can be made

IN THE ITAT CHENNAI BENCH ‘A’ Siva Industries & Holdings Ltd. versus Assistant Commissioner of Income-tax, Co. Circle VI(4), Chennai IT APPEAL NO. 1917 (MDS.) OF 2011 [ASSESSMENT YEAR 2007-08] APRIL 30, 2012 ORDER N.S. Saini, Accountant Member This is an appeal filed by the assessee against the order of Dispute Resolution Panel (DRP) dated 08.09.2011. 2. The ground No. 1 of the appeal is directed against the disallowance of Rs. 72,83,21,913/- made by the Assessing Officer u/s. 14A read with Rule 8D of the Act. 3. The brief facts of the case are that the Assessi...