Section 263 Partly Quashed: CSR & STCL Allowed, Section 14A Upheld

Torrent Investments Ltd. Vs PCIT (ITAT Ahmedabad) Section 263 Shot Down on CSR & Capital Loss, Upheld on 14A: Torrent Investments Gets Mixed Verdict PCIT had invoked revisionary jurisdiction holding that the assessment order passed u/s 143(3) r.w.s. 144B was erroneous & prejudicial to the interest of Revenue on three issues, namely the claim of short term capital loss, the disallowance of expenses u/s 14A & the deduction u/s 80G claimed in respect of CSR expenditure. On the issue of capital loss, PCIT alleged that Assessee wrongly treated a loss of Rs.1.59 crore on sale of shares o...