https://www.taxtmi.com/caselaws?id=214094 The judgment focused on interpreting Section 14A of the Income Tax Act, 1961 concerning the disallowance of expenses for earning exempt income. It clarified that the proviso restricts the Assessing Officer from revising concluded assessments under Sections 147 or 154 for disallowances related to exempt income. The Commissioner's power under Section 263 to revise assessments for such disallowances was also examined, with the Court concluding that the Commissioner's revisional powers should not be used to override the proviso's restrictions. The judgment emphasized the protection of vested rights against reopening concluded assessments under Section 14A, dismissing review petitions and upholding previous interpretations. en-us Tue, 27 Mar 2012 00:00:00 +0530 Fri, 15 Jun 2012 12:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214094 The judgment focused on interpreting Section 14A of the Income Tax Act, 1961 concerning the disallowance of expenses for earning exempt income. It clarified that the proviso restricts the Assessing Officer from revising concluded assessments under Sections 147 or 154 for disallowances related to exempt income. The Commissioner's power under Section 263 to revise assessments for such disallowances was also examined, with the Court concluding that the Commissioner's revisional powers should not be used to override the proviso's restrictions. The judgment emphasized the protection of vested rights against reopening concluded assessments under Section 14A, dismissing review petitions and upholding previous interpretations. Case-Laws Income Tax Tue, 27 Mar 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214094