Section 14A – No disallowance when no expenditure on tax free income

IN THE ITAT MUMBAI BENCH ‘J’ Justice Sam P. Bharucha versus Additional Commissioner of Income-tax-11(3), Mumbai IT APPEAL NO. 3889 (MUM.) OF 2011 [ASSESSMENT YEAR 2008-09] JULY 25, 2012 JUDGMENT Vijay Pal Rao, Judicial Member  This appeal by the assessee is directed against the order dated 24/03/2001 of CIT(A) for the assessment year 2006-07. 2. The assessee has raised the following grounds in this appeal:  1.  The learned CIT(A) has erred in confirming the disallowance of expenditure of Rs. 2,26,58 1 under section 14A of the Income Tax Act, 1961 read with Rule...