https://www.taxtmi.com/caselaws?id=234327 The Tribunal held that the assessment order was not erroneous or prejudicial to Revenue's interests. It found no revocable transfer between the assessee and India Financial Association (IFA) under sections 60 to 63 of the Income-tax Act, 1961. The exemption under section 11 was not denied based on the alleged revocable transfer. The Tribunal also accepted the revised return filed by the assessee, noting that the Assessing Officer had considered the transactions. The order passed under section 263 was quashed, and the appeal by the assessee was allowed. en-us Fri, 22 Jul 2011 00:00:00 +0530 Fri, 07 Jun 2013 09:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=234327 The Tribunal held that the assessment order was not erroneous or prejudicial to Revenue's interests. It found no revocable transfer between the assessee and India Financial Association (IFA) under sections 60 to 63 of the Income-tax Act, 1961. The exemption under section 11 was not denied based on the alleged revocable transfer. The Tribunal also accepted the revised return filed by the assessee, noting that the Assessing Officer had considered the transactions. The order passed under section 263 was quashed, and the appeal by the assessee was allowed. Case-Laws Income Tax Fri, 22 Jul 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=234327