https://www.taxtmi.com/caselaws?id=757843 ITAT Chennai set aside PCIT's revision order under section 263 regarding disallowance under section 14A. The tribunal held that AO had properly examined the issue during original assessment proceedings and made no disallowance as assessee received no dividend exempt income. PCIT's reliance on Explanation to section 14A inserted by Finance Act 2022 was misplaced since assessment year 2017-18 predated the amendment. Following Delhi HC precedent in Era Infrastructure case, tribunal ruled assessment must be made per law existing at relevant time. PCIT's exercise of revisional jurisdiction was unjustified and assessee's grounds were allowed. en-us Wed, 14 Aug 2024 00:00:00 +0530 Tue, 03 Sep 2024 08:27:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757843 ITAT Chennai set aside PCIT's revision order under section 263 regarding disallowance under section 14A. The tribunal held that AO had properly examined the issue during original assessment proceedings and made no disallowance as assessee received no dividend exempt income. PCIT's reliance on Explanation to section 14A inserted by Finance Act 2022 was misplaced since assessment year 2017-18 predated the amendment. Following Delhi HC precedent in Era Infrastructure case, tribunal ruled assessment must be made per law existing at relevant time. PCIT's exercise of revisional jurisdiction was unjustified and assessee's grounds were allowed. Case-Laws Income Tax Wed, 14 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757843