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

2017 (5) TMI 843 - PUNJAB AND HARYANA HIGH COURT - [2017] 393 ITR 476 - 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 .....

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as been preferred by the appellant-Revenue under section 260A of the Income-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 T .....

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t in addition to the disallowance of ₹ 5,00,117 made by the assessee 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 fi .....

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ved by the order, the assessee filed an appeal before the Tribunal. Vide 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 insta .....

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