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2013 (1) TMI 955 - HC - Income TaxRevision u/s 263 - addition u/s 14A - Held that:- We note that one of the ingredient to exercise jurisdiction under Section 263 of the Act is not satisfied viz. prejudice to the revenue. As pointed out by the Tribunal the respondent is being assessed to tax on book profits under Section 115JB of the Act and even if the dis-allowance is higher than that allowed by Assessing officer under Section 14A of the Act would not have any effect on the book profits on which the tax is payable. Thus the entire exercise is academic.
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