Disallowance requires a direct nexus – No disallowance of expenses u/s 14A for exempt dividend income when investments were made in earlier years

Disallowance requires a direct nexus – No disallowance of expenses u/s 14A for exempt dividend income when investments were made in earlier years   Ahemedabad ITAT in the case of Ambalal Sarabhai Enterprises Ltd vs ACIT [ITA No 1772/Ahd/2015; AYs 2002-03 to 2007-08; Dt. of Judgement: 3/12/2024] has held that no disallowance of expenses u/s…

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