Section 14A disallowance cannot exceed amount of exempt Income

Brindavan Beverages Pvt.Ltd. Vs Dcit (ITAT Banglore)

The issue under consideration is whether the disallowance u/s 14A can exceed the amount of exempt income?

ITAT states that, the primary contention of the assessee before the first appellate authority was that no disallowance u/s 14A of the I.T.Act is required since the assessee has not incurred any expenditure to earn the exempt income. Secondly, it was contended before the first appellate authority that disallowance u/s

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