Income Tax Dept warns public against cash dealings of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty.

No sec. 14A disallowance when no exempt income is earned during the year

Where there is no exempt income in relevant year, there cannot be a disallowance of expenditure under section 14A in relation to any assumed income

Refer:[2017] 77 taxmann.com 257 (Madras)

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