https://www.taxtmi.com/caselaws?id=202145 The Tribunal held that the Commissioner could not invoke section 263 of the Income-tax Act solely based on a different view from the Assessing Officer, emphasizing the need for the order to be both erroneous and prejudicial to the Revenue's interest simultaneously. It also supported the exclusion of profits eligible for deduction under section 80HHC in computing "book profits" under section 115JB, aligning with the Assessing Officer's assessment under section 143(3). The judgment reiterated that subsequent changes in law could not justify invoking section 263, as the legal position at the time of the Assessing Officer's order determined the order's correctness. en-us Tue, 16 Mar 2010 00:00:00 +0530 Thu, 27 Dec 2012 13:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=202145 The Tribunal held that the Commissioner could not invoke section 263 of the Income-tax Act solely based on a different view from the Assessing Officer, emphasizing the need for the order to be both erroneous and prejudicial to the Revenue's interest simultaneously. It also supported the exclusion of profits eligible for deduction under section 80HHC in computing "book profits" under section 115JB, aligning with the Assessing Officer's assessment under section 143(3). The judgment reiterated that subsequent changes in law could not justify invoking section 263, as the legal position at the time of the Assessing Officer's order determined the order's correctness. Case-Laws Income Tax Tue, 16 Mar 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=202145