https://www.taxtmi.com/caselaws?id=762277 The tribunal allowed the appeal filed by the assessee, setting aside the order passed by the Principal Commissioner of Income Tax (PCIT) under section 263 of the Income Tax Act. The tribunal determined that no disallowance under section 14A could be made as no exempt income was declared during the relevant assessment year. It found that the PCIT had not demonstrated any error or violation of law by the assessing officer and had relied on an overruled decision. Consequently, the tribunal concluded that the assessment order was neither erroneous nor prejudicial to the interest of revenue. en-us Tue, 26 Nov 2024 00:00:00 +0530 Thu, 28 Nov 2024 07:48:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762277 The tribunal allowed the appeal filed by the assessee, setting aside the order passed by the Principal Commissioner of Income Tax (PCIT) under section 263 of the Income Tax Act. The tribunal determined that no disallowance under section 14A could be made as no exempt income was declared during the relevant assessment year. It found that the PCIT had not demonstrated any error or violation of law by the assessing officer and had relied on an overruled decision. Consequently, the tribunal concluded that the assessment order was neither erroneous nor prejudicial to the interest of revenue. Case-Laws Income Tax Tue, 26 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762277