https://www.taxtmi.com/caselaws?id=78558 Revisional jurisdiction under section 263 was upheld where the assessment order had allowed Chapter VI-A deductions under sections 80IA, 80HHC and 80-O beyond the profits of the eligible business, including income attributable to capital gains. The assessment was treated as both erroneous and prejudicial to the interests of the revenue, satisfying the statutory conditions for revision. The Tribunal's approach, which sustained the revision on the main issue while remitting the remaining income-related claim for fresh consideration, was found consistent with law, and the assessee's challenge failed. en-us Thu, 19 Aug 2010 00:00:00 +0530 Wed, 26 Oct 2016 14:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=78558 Revisional jurisdiction under section 263 was upheld where the assessment order had allowed Chapter VI-A deductions under sections 80IA, 80HHC and 80-O beyond the profits of the eligible business, including income attributable to capital gains. The assessment was treated as both erroneous and prejudicial to the interests of the revenue, satisfying the statutory conditions for revision. The Tribunal's approach, which sustained the revision on the main issue while remitting the remaining income-related claim for fresh consideration, was found consistent with law, and the assessee's challenge failed. Case-Laws Income Tax Thu, 19 Aug 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=78558