Dismissing the appeal of the Revenue the Court held that the Tribunal was right in holding that the disallowance made under section\u00a014A\u00a0was not applicable to the AY 2002-03 as it was brought into the statute book by the Finance Act, 2006 only with effect from April 1, 2007. The notice under section\u00a0148\u00a0was issued to the assessee on January 28, 2009, presumably taking note of the fact that the insertion of section\u00a014A\u00a0was made with retrospective effect from April 1, 1962. What was intended to be said by the Tribunal was that section\u00a014A\u00a0had been functionally made operative on introduction of rule\u00a08D\u00a0which was inserted by the\u00a0Income-tax (Fifth Amendment) Rules, 2008\u00a0with effect from March 24, 2008 ([2008] 299 ITR (St.) 88) and therefore, section\u00a014A\u00a0read with rule\u00a08D\u00a0was not applicable to the AY 2002-03 and the finding rendered by the Tribunal set out the correct legal position.\u00a0 Order of Tribunal affirmed. (AY. 2002-03)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Disallowance of expenditure-Exempt income-Formula not applicable to AY. 2002-03-Revision is held to be not valid. [S. 14A,R. 8D] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-30100","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-7Pu","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/30100","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=30100"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/30100\/revisions"}],"predecessor-version":[{"id":30101,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/30100\/revisions\/30101"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=30100"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=30100"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=30100"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}