https://www.taxtmi.com/caselaws?id=765167 ITAT Delhi allowed the assessee's appeal against revision u/s 263 regarding disallowance u/s 14A. The tribunal held that since the AO had raised specific queries which were duly replied to by the assessee with required details, and the AO properly considered these responses before accepting the return, the revision was not justified. The decision relied on precedents from Indian Farmers Fertilizers Cooperative Ltd. and Malabar Industrial Company Ltd., along with amended Explanation 2 of Section 263 effective from April 1, 2022. en-us Wed, 15 Jan 2025 00:00:00 +0530 Mon, 27 Jan 2025 08:40:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765167 ITAT Delhi allowed the assessee's appeal against revision u/s 263 regarding disallowance u/s 14A. The tribunal held that since the AO had raised specific queries which were duly replied to by the assessee with required details, and the AO properly considered these responses before accepting the return, the revision was not justified. The decision relied on precedents from Indian Farmers Fertilizers Cooperative Ltd. and Malabar Industrial Company Ltd., along with amended Explanation 2 of Section 263 effective from April 1, 2022. Case-Laws Income Tax Wed, 15 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765167