https://www.taxtmi.com/caselaws?id=71994 The Tribunal upheld the CIT's order under section 263 concerning the non-consideration of section 14A, finding the Assessing Officer's oversight erroneous and prejudicial to revenue interests. It required a fresh assessment to determine the quantum of disallowance related to earning exempt income. However, the Tribunal set aside the CIT's order regarding the exemption under section 10(23G), agreeing with the assessee that it qualified as an 'Infrastructure Capital Company.' The appeal was partly allowed, maintaining the exemption under section 10(23G) while necessitating further assessment for section 14A disallowance. en-us Fri, 08 Feb 2008 00:00:00 +0530 Fri, 29 Dec 2023 11:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71994 The Tribunal upheld the CIT's order under section 263 concerning the non-consideration of section 14A, finding the Assessing Officer's oversight erroneous and prejudicial to revenue interests. It required a fresh assessment to determine the quantum of disallowance related to earning exempt income. However, the Tribunal set aside the CIT's order regarding the exemption under section 10(23G), agreeing with the assessee that it qualified as an 'Infrastructure Capital Company.' The appeal was partly allowed, maintaining the exemption under section 10(23G) while necessitating further assessment for section 14A disallowance. Case-Laws Income Tax Fri, 08 Feb 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71994