https://www.taxtmi.com/caselaws?id=219678 The Tribunal quashed the Commissioner of Income Tax's order under Section 263, ruling that the assessment order was not erroneous or prejudicial to the revenue's interests. The appeal by the assessee was successful, with the Tribunal finding that the profit allocation complied with the Association of Persons agreement. Additionally, the Tribunal held that the deduction issue under Section 80 IB(10) had merged with the appellate order, preventing the CIT from utilizing revisionary powers. en-us Fri, 12 Oct 2012 00:00:00 +0530 Sat, 22 Dec 2012 19:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219678 The Tribunal quashed the Commissioner of Income Tax's order under Section 263, ruling that the assessment order was not erroneous or prejudicial to the revenue's interests. The appeal by the assessee was successful, with the Tribunal finding that the profit allocation complied with the Association of Persons agreement. Additionally, the Tribunal held that the deduction issue under Section 80 IB(10) had merged with the appellate order, preventing the CIT from utilizing revisionary powers. Case-Laws Income Tax Fri, 12 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219678