Tax Dispute Resolved: Tribunal Dismisses Revenue Department's Claims on Exempt Income, Provident Fund, and Revisional Jurisdiction

ITAT adjudicated multiple tax-related issues, predominantly focusing on three key aspects: (1) Section 14A disallowance for exempt income, (2) Employees' provident fund contribution, and (3) Revision under Section 263. The tribunal ultimately ruled in favor of the assessee, rejecting the revenue department's contentions. Specifically, no disallowance under Section 14A was permitted since no dividend income was earned during the assessment year. For the provident fund contribution issue, the Supreme Court's precedent was applied against the assessee. Regarding Section 263 revision, the tribunal found the Pr. CIT's order unsustainable, noting insufficient grounds for revisional jurisdiction, thereby quashing the impugned order and allowing the assessee's appeal. .....

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