No disallowance U/s 14A if there is no exempt income

Counsel for the assessee submits that assessee has not received any exempt income and in the absence of the assessee receiving any exempt income, there is no justification in deriving expenses attributable for earning income which is not received by the assessee. He places reliance on the recent decision of the Hon’ble Allahabad High Court in the case of Please become a Premium member. If you are already a Premium member, login here to access the full content.