Section 14A could only be invoked in presence of exempt income

Zoetis Pharmaceutical Research P. Ltd. Vs. ACIT (ITAT Mumbai)

Conclusion: When no exempt income was received or receivable on the investments, no disallowance u/s 14A of the Income Tax Act, 1961 is warranted.

Held: The assessee is engaged in the business of trading exports, trading in empty vegetables capsules & research and development in veterinary medicine on lab scale for Zoetis USA and its affiliates. The assessee filed its return in

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