https://www.taxtmi.com/caselaws?id=67037 The Tribunal allowed the appeal of the assessee, ruling that the CIT's jurisdiction under section 263 of the IT Act was unlawful as the ITO had correctly considered the taxability of interest accrued on compensation. The Tribunal upheld the exclusion of interest from income, emphasizing that interest accrues yearly and cannot be taxed in a lump sum. Additionally, the Tribunal held that the CIT lacked the competence to revise orders under section 143(3) with the IAC's approval under section 144B, based on legal precedent from the Gujarat High Court. en-us Mon, 31 May 1982 00:00:00 +0530 Tue, 08 Mar 2011 18:06:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67037 The Tribunal allowed the appeal of the assessee, ruling that the CIT's jurisdiction under section 263 of the IT Act was unlawful as the ITO had correctly considered the taxability of interest accrued on compensation. The Tribunal upheld the exclusion of interest from income, emphasizing that interest accrues yearly and cannot be taxed in a lump sum. Additionally, the Tribunal held that the CIT lacked the competence to revise orders under section 143(3) with the IAC's approval under section 144B, based on legal precedent from the Gujarat High Court. Case-Laws Income Tax Mon, 31 May 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67037