https://www.taxtmi.com/caselaws?id=413046 Revision under section 263 was maintainable because the Assessing Officer had not examined clause (f) of Explanation 1 to section 115JB, leaving the assessment order erroneous and prejudicial to revenue. However, the MAT adjustment could not be fixed mechanically by importing the section 14A disallowance, because the amount under clause (f) must be computed independently from the profit and loss account. The impugned revision was therefore modified to remove the automatic linkage with section 14A and remit the MAT issue for independent examination. en-us Tue, 28 Sep 2021 00:00:00 +0530 Fri, 01 Oct 2021 17:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413046 Revision under section 263 was maintainable because the Assessing Officer had not examined clause (f) of Explanation 1 to section 115JB, leaving the assessment order erroneous and prejudicial to revenue. However, the MAT adjustment could not be fixed mechanically by importing the section 14A disallowance, because the amount under clause (f) must be computed independently from the profit and loss account. The impugned revision was therefore modified to remove the automatic linkage with section 14A and remit the MAT issue for independent examination. Case-Laws Income Tax Tue, 28 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413046