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Principal Commissioner of Income-Tax Versus State Bank of Patiala

2017 (5) TMI 843 - PUNJAB AND HARYANA HIGH COURT

Revision u/s 263 - disallowance under section 14A - Held that:- we notice that the issue on the merits has been decided in favour of the assessee in State Bank of Patiala's case (2017 (2) TMI 125 - PUNJAB AND HARYANA HIGH COURT ). The amount of disallowance under section 14A was restricted to the amount of exempt income only and not at a higher figure. Once that was so, we do not consider it appropriate to discuss the scope of section 263 of the Act as the same has been rendered academic in view .....

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ome-tax Act, 1961 (in short, "the Act") against the order dated March 28, 2016, annexure A.3, passed by the Income-tax Appellate Tribunal, Division Bench, Chandigarh (in short, "the Tribunal") in I. T. A. No. 447/Chd/2014, claiming the following substantial question of law for the assessment year 2009-10 : "(i) Whether in the facts and circumstances of the case, the hon'ble Income-tax Appellate Tribunal is right in law in quashing the order under section 263 of the I .....

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ee in the return of income. On examination of the assessment record and the assessment order of the assessee for the assessment year 2009-10, it was revealed that the Assessing Officer had limited the disallowance under section 14A of the Act to the amount of exempt dividend income, even though he had computed the disallowance under rule 8D of the Income-tax Rules, 1962, (in short, "the Rules") to be at a higher figure. The assessee was given a show-cause notice under section 263(1) of .....

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order dated March 28, 2016, annexure A.3, the Tribunal quashed the order dated March 14, 2014 passed under section 263 of the Act holding that since while deciding the assessee's appeal for the same year, it had deleted the addition made by the Assessing Officer under section 14A of the Act, the action of the Commissioner of Income-tax under section 263 of the Act is also quashed being on the same issue. Hence the instant appeal by the Revenue. 3. We have heard learned counsel for the parti .....

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