https://www.taxtmi.com/caselaws?id=119256 The Tribunal quashed the Commissioner's order under section 263 of the Income-tax Act, 1961, as the twin conditions of the order being erroneous and prejudicial to the revenue were not cumulatively satisfied. The Commissioner's directive to exclude 90% of receipts from the sale of quota rights for computing profits under section 80HHC was overturned. The Tribunal upheld the deduction claimed by the assessee for profits on the sale of quota rights, citing relevant CBDT instructions and precedent. The Tribunal found that the AO's order, though erroneous, did not prejudice revenue, leading to the dismissal of the Commissioner's jurisdiction assumption. en-us Fri, 07 Sep 2007 00:00:00 +0530 Mon, 09 Jul 2012 18:51:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=119256 The Tribunal quashed the Commissioner's order under section 263 of the Income-tax Act, 1961, as the twin conditions of the order being erroneous and prejudicial to the revenue were not cumulatively satisfied. The Commissioner's directive to exclude 90% of receipts from the sale of quota rights for computing profits under section 80HHC was overturned. The Tribunal upheld the deduction claimed by the assessee for profits on the sale of quota rights, citing relevant CBDT instructions and precedent. The Tribunal found that the AO's order, though erroneous, did not prejudice revenue, leading to the dismissal of the Commissioner's jurisdiction assumption. Case-Laws Income Tax Fri, 07 Sep 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=119256