https://www.taxtmi.com/caselaws?id=71429 The Tribunal held that the CIT's revisional order regarding the assessment order for the year 1981-82 was not justified. It found errors in allowances granted by the ITO and corrected them, including in the capitalization of interest and perquisites calculation. The Tribunal ruled that the CIT could not revise the ITO's order post-merger with the CIT(A) order, citing relevant case laws. It also determined that the retrospective effect of the Explanation to section 263 did not apply in this case, ultimately canceling the revisional order and allowing the assessee's appeal. en-us Tue, 16 Oct 1990 00:00:00 +0530 Sat, 23 Apr 2011 13:38:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71429 The Tribunal held that the CIT's revisional order regarding the assessment order for the year 1981-82 was not justified. It found errors in allowances granted by the ITO and corrected them, including in the capitalization of interest and perquisites calculation. The Tribunal ruled that the CIT could not revise the ITO's order post-merger with the CIT(A) order, citing relevant case laws. It also determined that the retrospective effect of the Explanation to section 263 did not apply in this case, ultimately canceling the revisional order and allowing the assessee's appeal. Case-Laws Income Tax Tue, 16 Oct 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71429