https://www.taxtmi.com/caselaws?id=414848 The Appellate Tribunal found the assessment order to be erroneous and prejudicial to revenue, directing a fresh assessment due to the investment of the assessee in shares potentially yielding exempt income, leading to the application of Section 14A and Rule 8D. The Tribunal concluded that as the assessee did not earn any exempt income, the order by the Assessing Officer was not prejudicial to revenue, rendering the order under section 263 legally unsustainable. The Tribunal allowed all the appeals of the assessee, emphasizing the importance of natural justice and providing a comprehensive resolution to the issues raised. en-us Mon, 18 Oct 2021 00:00:00 +0530 Wed, 17 Nov 2021 12:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414848 The Appellate Tribunal found the assessment order to be erroneous and prejudicial to revenue, directing a fresh assessment due to the investment of the assessee in shares potentially yielding exempt income, leading to the application of Section 14A and Rule 8D. The Tribunal concluded that as the assessee did not earn any exempt income, the order by the Assessing Officer was not prejudicial to revenue, rendering the order under section 263 legally unsustainable. The Tribunal allowed all the appeals of the assessee, emphasizing the importance of natural justice and providing a comprehensive resolution to the issues raised. Case-Laws Income Tax Mon, 18 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414848