https://www.taxtmi.com/caselaws?id=240942 HC upheld the validity of the order passed under Section 263, finding the Assessing Officer's order erroneous and prejudicial to Revenue. The Commissioner correctly disallowed an adjustment of Rs. 1.35 crores under clause (i) to Explanation of Section 115JA, as the transfer from revaluation reserve was improperly accounted for by the assessee. Additionally, the Assessing Officer failed to disallow expenses related to exempt income under Section 14A, which applies retrospectively from 1962. The HC affirmed that deductions under Section 14A must be made on a reasonable basis. The order under Section 263 was thus justified, and the appeal was decided in favor of Revenue. en-us Mon, 09 Dec 2013 00:00:00 +0530 Tue, 29 Jul 2025 17:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=240942 HC upheld the validity of the order passed under Section 263, finding the Assessing Officer's order erroneous and prejudicial to Revenue. The Commissioner correctly disallowed an adjustment of Rs. 1.35 crores under clause (i) to Explanation of Section 115JA, as the transfer from revaluation reserve was improperly accounted for by the assessee. Additionally, the Assessing Officer failed to disallow expenses related to exempt income under Section 14A, which applies retrospectively from 1962. The HC affirmed that deductions under Section 14A must be made on a reasonable basis. The order under Section 263 was thus justified, and the appeal was decided in favor of Revenue. Case-Laws Income Tax Mon, 09 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=240942