https://www.taxtmi.com/caselaws?id=753109 The ITAT Jodhpur dismissed the PCIT's revision order u/s 263 regarding disallowance u/s 14A for expenses related to tax-exempt dividend income. The assessee had suo-moto calculated and offered Rs. 14,85,815/- for disallowance while filing returns, but PCIT calculated Rs. 67,12,410/-. The tribunal held that when the AO accepted the assessee's method and calculation based on supplied details, the assessment order cannot be deemed erroneous. The twin conditions for invoking s. 263 - order being erroneous and prejudicial to revenue - did not coexist. Mere change in calculation method cannot justify revision proceedings. en-us Fri, 05 Jan 2024 00:00:00 +0530 Thu, 23 May 2024 12:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753109 The ITAT Jodhpur dismissed the PCIT's revision order u/s 263 regarding disallowance u/s 14A for expenses related to tax-exempt dividend income. The assessee had suo-moto calculated and offered Rs. 14,85,815/- for disallowance while filing returns, but PCIT calculated Rs. 67,12,410/-. The tribunal held that when the AO accepted the assessee's method and calculation based on supplied details, the assessment order cannot be deemed erroneous. The twin conditions for invoking s. 263 - order being erroneous and prejudicial to revenue - did not coexist. Mere change in calculation method cannot justify revision proceedings. Case-Laws Income Tax Fri, 05 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753109