No disallowance U/s. 14A unless Assessee earns exempt Income during relevant previous year

ITAT followed Delhi High Court in Cheminvest and held that, unless during the relevant previous year, assessee earns any exempt income no disallowance under section 14A r/w rule 8D can be made.

1. Assessee has challenged the disallowance of Rs.  33,91,821 under section 14A r/w rule 8D.

2. Brief facts are, during the assessment proceedings, the Assessing Officer after verifying the balance sheet for the impugned assessment year noticed that the assessee had made inv

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