https://www.taxtmi.com/caselaws?id=365570 The Tribunal allowed the appeal of the assessee, quashing the revision order passed by the Principal Commissioner of Income Tax (PCIT) under section 263. It held that the Assessing Officer had made a reasoned decision on the disallowance of expenses related to exempt income under section 14A, and the PCIT had not justified the exercise of revisionary powers. The Tribunal emphasized that the PCIT cannot substitute his judgment for that of the AO when two permissible views exist, even in cases of potential revenue loss. en-us Fri, 03 Aug 2018 00:00:00 +0530 Fri, 21 Sep 2018 12:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=365570 The Tribunal allowed the appeal of the assessee, quashing the revision order passed by the Principal Commissioner of Income Tax (PCIT) under section 263. It held that the Assessing Officer had made a reasoned decision on the disallowance of expenses related to exempt income under section 14A, and the PCIT had not justified the exercise of revisionary powers. The Tribunal emphasized that the PCIT cannot substitute his judgment for that of the AO when two permissible views exist, even in cases of potential revenue loss. Case-Laws Income Tax Fri, 03 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=365570