https://www.taxtmi.com/caselaws?id=274142 The High Court dismissed the Revenue's appeal challenging the Income Tax Appellate Tribunal's decision regarding the assessment year 1998-1999. The court clarified that the disallowance under Section 14A was intended for pending assessments and those from 2001-2002 onwards. It rejected the Revenue's argument that the proviso restricted only the Assessing Officer's powers, emphasizing that it aimed to provide finality for concluded assessments and prevent any revision increasing the assessee's liability. The court ruled in favor of the assessee, applying the proviso to various situations where assessment revisions might occur, including orders under Section 263 and enhancements by the CIT (Appeals). en-us Tue, 10 Oct 2017 00:00:00 +0530 Tue, 31 Jul 2018 07:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=274142 The High Court dismissed the Revenue's appeal challenging the Income Tax Appellate Tribunal's decision regarding the assessment year 1998-1999. The court clarified that the disallowance under Section 14A was intended for pending assessments and those from 2001-2002 onwards. It rejected the Revenue's argument that the proviso restricted only the Assessing Officer's powers, emphasizing that it aimed to provide finality for concluded assessments and prevent any revision increasing the assessee's liability. The court ruled in favor of the assessee, applying the proviso to various situations where assessment revisions might occur, including orders under Section 263 and enhancements by the CIT (Appeals). Case-Laws Income Tax Tue, 10 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=274142