No Exempt Income, No Section 14A Disallowance: Bangalore ITAT Deletes ₹43.42 Lakh Addition

Shankara Building Products Limited Vs DCIT (ITAT Bangalore) No Exempt Income, No Section 14A Disallowance: Bangalore ITAT Deletes ₹43.42 Lakh Addition The Bangalore ITAT deleted a disallowance of ₹43.42 lakh made under section 14A read with Rule 8D, holding that where an assessee has not earned any exempt income during the relevant year, no disallowance can be made under section 14A. The assessee, engaged in the retail business of home improvement and building products, had investments of about ₹48.37 crore in the unquoted equity shares of its subsidiary companies and had incurred financ...