https://www.taxtmi.com/caselaws?id=436204 The Tribunal set aside the order of the ld.Pr.CIT under section 263 of the Income Tax Act, finding it based on incorrect assumptions and failing to address the assessee's contentions. The ld.Pr.CIT's calculation of disallowable expenses under section 14A was deemed erroneous due to incorrect facts and arbitrary assumptions, leading to the order being overturned. The appeal of the assessee was allowed, highlighting the importance of accurate factual assessment and proper inquiry before invoking revisionary powers under section 263 of the Act. en-us Fri, 24 Feb 2023 00:00:00 +0530 Thu, 06 Apr 2023 18:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436204 The Tribunal set aside the order of the ld.Pr.CIT under section 263 of the Income Tax Act, finding it based on incorrect assumptions and failing to address the assessee's contentions. The ld.Pr.CIT's calculation of disallowable expenses under section 14A was deemed erroneous due to incorrect facts and arbitrary assumptions, leading to the order being overturned. The appeal of the assessee was allowed, highlighting the importance of accurate factual assessment and proper inquiry before invoking revisionary powers under section 263 of the Act. Case-Laws Income Tax Fri, 24 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436204