2024 (12) TMI 505

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..... PCIT s action invoking his section 263 revision jurisdiction regarding section 14A read with Rule 8D disallowance. This is for the precise reason that in case of Era Infrastructure (India) Ltd [ 2022 (7) TMI 1093 - DELHI HIGH COURT] and Williamson Financial Services Ltd. [ 2024 (9) TMI 1571 - GAUHATI HIGH COURT] and Avantha Realty Ltd. [ 2024 (6) TMI 987 - CALCUTTA HIGH COURT] have already settle .....

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..... order dated 13.03.2024 passed in case no. ITBA/REV/F/REV5/2023-24/1062530408(1), involving proceedings under sections 143(3) r.w.s. 263 of the Income-tax Act, 1961 (hereinafter referred to as the Act ). 2. Heard both the parties at length. Case file perused. 3. We find during the course of hearing that the learned PCIT(Central) s, Delhi-2, impugned revision direction under section 263 of the Act .....

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..... uotes section 14A s Explanation inserted by the Finance Act, 2022 w.e.f. 01.04.2022 that whether any actual exempt income is derived or not in the relevant previous year is no more a relevant factor. 7. We have given our thoughtful consideration to the foregoing rival submissions and find no merit in the Revenue s arguments supporting the PCIT s action invoking his section 263 revision jurisdictio .....

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