https://www.taxtmi.com/caselaws?id=417411 The Tribunal set aside the revision order by the Principal Commissioner of Income Tax-5, Chennai under section 263 of the Income Tax Act, which challenged the assessment order for the assessment year 2014-15. The Tribunal found that the revision lacked a proper basis, particularly in the disallowance of expenses relatable to exempt income under Section 14A of the Act and club expenses. It ruled in favor of the assessee, quashing the revision order and emphasizing the legitimacy of the expenses and the appropriate conduct of the limited scrutiny assessment. en-us Fri, 03 Dec 2021 00:00:00 +0530 Sat, 22 Jan 2022 08:48:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417411 The Tribunal set aside the revision order by the Principal Commissioner of Income Tax-5, Chennai under section 263 of the Income Tax Act, which challenged the assessment order for the assessment year 2014-15. The Tribunal found that the revision lacked a proper basis, particularly in the disallowance of expenses relatable to exempt income under Section 14A of the Act and club expenses. It ruled in favor of the assessee, quashing the revision order and emphasizing the legitimacy of the expenses and the appropriate conduct of the limited scrutiny assessment. Case-Laws Income Tax Fri, 03 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417411