https://www.taxtmi.com/caselaws?id=756588 Gujarat HC allowed Revenue's petition challenging ITAT's dismissal of appeal on low tax effect grounds under CBDT Circular No.3/2018. The case involved reopening of assessment u/s 147 based on accepted audit objections regarding proportionate disallowance u/s 14A for interest expenses claimed against exempt income. HC quashed ITAT's order, noting that coordinate bench precedent established that while CBDT circulars bind the Department, appeals can be filed when tribunal decisions contradict SC judgments. Matter remanded to ITAT to consider accepted audit objections as basis for reopening assessment. en-us Tue, 30 Jul 2024 00:00:00 +0530 Mon, 05 Aug 2024 21:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756588 Gujarat HC allowed Revenue's petition challenging ITAT's dismissal of appeal on low tax effect grounds under CBDT Circular No.3/2018. The case involved reopening of assessment u/s 147 based on accepted audit objections regarding proportionate disallowance u/s 14A for interest expenses claimed against exempt income. HC quashed ITAT's order, noting that coordinate bench precedent established that while CBDT circulars bind the Department, appeals can be filed when tribunal decisions contradict SC judgments. Matter remanded to ITAT to consider accepted audit objections as basis for reopening assessment. Case-Laws Income Tax Tue, 30 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756588