ITAT Ahmedabad: PCIT’s 263 Revision on 14A Quashed – No Automatic Disallowance

HN Safal Infra Developer Pvt. Ltd. Vs PCIT (ITAT Ahmedabad) ITAT Ahmedabad: PCIT’s 263 Revision on 14A Quashed – No Automatic Disallowance; Jurisdictional Safeguards Ignored – Tribunal Sets Aside 263 Order Background PCIT invoked sec.263, revising assessment order u/s 143(3) dated 12.04.2021. Grounds: AO failed to make disallowance u/s 14A r.w. Rule 8D on exempt income of ₹55,978/- earned from LLP/firm investments. PCIT held AO’s order “erroneous & prejudicial to Revenue,” directed AO to recompute disallowance. Assessee challenged revision, arguing: Order passed in name of...