https://www.taxtmi.com/caselaws?id=68488 The Tribunal quashed the CIT's order under Section 263, concluding that the AO had conducted due inquiries and appropriately applied his mind in classifying the interest income from M/s Wolkem India Ltd. as business income exempt under Section 10B. The Tribunal determined that the CIT's invocation of Section 263 was unjustified, as the AO's order was neither erroneous nor prejudicial to the interest of Revenue. Consequently, the appeal was allowed in favor of the appellant. en-us Mon, 14 Jul 2003 00:00:00 +0530 Tue, 20 Aug 2024 11:12:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68488 The Tribunal quashed the CIT's order under Section 263, concluding that the AO had conducted due inquiries and appropriately applied his mind in classifying the interest income from M/s Wolkem India Ltd. as business income exempt under Section 10B. The Tribunal determined that the CIT's invocation of Section 263 was unjustified, as the AO's order was neither erroneous nor prejudicial to the interest of Revenue. Consequently, the appeal was allowed in favor of the appellant. Case-Laws Income Tax Mon, 14 Jul 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68488