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ITAT allows rectification under s.154 and directs that the previously taxed amount of Rs.7.66 crores, offered by the assessee in its return and taxed in AY 2015-16, shall not be recharacterised or re-added in the impugned assessment year. The Tribunal holds that income from testing/calibration and sponsored fees, computed on actual basis, having been subjected to tax earlier, must be excluded from current-year taxable income and any addition under s.11(1B) is unsustainable. AO is directed to reduce the assessed income accordingly, delete the impugned addition and delete the amount from the current-year computation after due verification, with adjustments to be given effect in the rectified assessment.
ITAT allows rectification under s.154 and directs that the previously taxed amount of Rs.7.66 crores, offered by the assessee in its return and taxed in AY 2015-16, shall not be recharacterised or re-added in the impugned assessment year. The Tribunal holds that income from testing/calibration and sponsored fees, computed on actual basis, having been subjected to tax earlier, must be excluded from current-year taxable income and any addition under s.11(1B) is unsustainable. AO is directed to reduce the assessed income accordingly, delete the impugned addition and delete the amount from the current-year computation after due verification, with adjustments to be given effect in the rectified assessment.
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