https://www.taxtmi.com/caselaws?id=213969 The Third Member upheld the revision order under Section 263, finding it not barred by limitation as the reassessment order under Section 143(3) was the first assessment order. The amount credited to the General Reserve was deemed not taxable under Section 28(iv) as it was capital in nature resulting from an amalgamation. The Commissioner of Income Tax's jurisdiction under Section 263 was deemed valid as the assessment order was found to be erroneous and prejudicial to revenue interests. The appeal was partly allowed in favor of the assessee. en-us Mon, 02 Apr 2012 00:00:00 +0530 Mon, 21 Jan 2013 09:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213969 The Third Member upheld the revision order under Section 263, finding it not barred by limitation as the reassessment order under Section 143(3) was the first assessment order. The amount credited to the General Reserve was deemed not taxable under Section 28(iv) as it was capital in nature resulting from an amalgamation. The Commissioner of Income Tax's jurisdiction under Section 263 was deemed valid as the assessment order was found to be erroneous and prejudicial to revenue interests. The appeal was partly allowed in favor of the assessee. Case-Laws Income Tax Mon, 02 Apr 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213969