https://www.taxtmi.com/caselaws?id=766836 ITAT Pune set aside PCIT's revision order under Section 263 challenging AO's decision to allow Section 10AA deductions on Section 14A disallowances. The tribunal held that AO's order was not erroneous since it followed established precedent from Gem Plus Jewellery India Ltd. and aligned with ITAT's earlier decisions favoring the assessee on identical issues for previous years. Although the order was prejudicial to revenue, it wasn't erroneous, failing to satisfy the twin conditions required for Section 263 jurisdiction. The assessee's grounds were allowed. en-us Mon, 03 Mar 2025 00:00:00 +0530 Wed, 05 Mar 2025 07:49:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766836 ITAT Pune set aside PCIT's revision order under Section 263 challenging AO's decision to allow Section 10AA deductions on Section 14A disallowances. The tribunal held that AO's order was not erroneous since it followed established precedent from Gem Plus Jewellery India Ltd. and aligned with ITAT's earlier decisions favoring the assessee on identical issues for previous years. Although the order was prejudicial to revenue, it wasn't erroneous, failing to satisfy the twin conditions required for Section 263 jurisdiction. The assessee's grounds were allowed. Case-Laws Income Tax Mon, 03 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766836