2017 (5) TMI 1551 - HC - Income Tax

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 (5) TMI 843 - PUNJAB AND HARYANA HIGH COURT) as held 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 of the issue being answered in favour of the assessee on the merits.

Summary

The High Court of Punjab and Haryana allowed the application and took documents on record. The appeal was against the order of the Income Tax Appellate Tribunal for the assessment year 2010-2011. The question of law was decided against the appellant, who has challenged the judgment before the Supreme Court.