No Disallowance u/s 14A when no Exempt Income earned by Assessee: ITAT dismisses Revenue Appeal

The Income Tax Appellate Tribunal (ITAT) dismissed a revenue appeal, ruling that disallowance under Section 14A of the Income Tax Act is not applicable when the assessee has not earned any exempt income. The tribunal’s decision reinforces the principle that disallowance provisions cannot be applied in the absence of actual exempt income. This ruling could influence the application of Section 14A in future tax assessments.