2009 (8) TMI 126 - AT - Income Tax

Extract:
.......exempted income is earned or received. We are therefore excluding this case from our consideration. 46. In the result, the question, whether disallowance under s. 14A of the IT Act can be made in a year in which no exempt income has been earned or received by the assessee, is answered affirmatively against the assessee and in favour of the Revenue.