https://www.taxtmi.com/caselaws?id=450756 ITAT Rajkot set aside revision order u/s 263 regarding disallowance u/s 14A. The assessee argued no disallowance could exceed exempt income amount and no expenses were incurred for earning exempt income. ITAT held that courts consistently ruled no disallowance u/s 14A when assessee earned no exempt income, citing SC in State Bank of Patiala and Gujarat HC in Corrtech Energy. Since AO's view aligned with established legal precedents and assessee had suo motu disallowed total exempt income, the assessment order was not erroneous or prejudicial to revenue interest. Appeal decided in favor of assessee. en-us Fri, 08 Mar 2024 00:00:00 +0530 Mon, 11 Mar 2024 12:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450756 ITAT Rajkot set aside revision order u/s 263 regarding disallowance u/s 14A. The assessee argued no disallowance could exceed exempt income amount and no expenses were incurred for earning exempt income. ITAT held that courts consistently ruled no disallowance u/s 14A when assessee earned no exempt income, citing SC in State Bank of Patiala and Gujarat HC in Corrtech Energy. Since AO's view aligned with established legal precedents and assessee had suo motu disallowed total exempt income, the assessment order was not erroneous or prejudicial to revenue interest. Appeal decided in favor of assessee. Case-Laws Income Tax Fri, 08 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450756