https://www.taxtmi.com/caselaws?id=243372 The court upheld the Commissioner of Income Tax's revision under Section 263 of the Income Tax Act, finding the Assessing Officer's failure to apply specific provisions erroneous and prejudicial to revenue. It clarified that deductions under Sections 80HHC and 80IB should be computed sequentially, with profits under 80IB reducing eligible profits for 80HHC. The court affirmed the ITAT's concurrence with the CIT's order, dismissing the appellant's appeal and directing the reassessment of the assessee's total income in favor of the revenue. en-us Fri, 22 Nov 2013 00:00:00 +0530 Fri, 31 Jan 2014 10:41:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=243372 The court upheld the Commissioner of Income Tax's revision under Section 263 of the Income Tax Act, finding the Assessing Officer's failure to apply specific provisions erroneous and prejudicial to revenue. It clarified that deductions under Sections 80HHC and 80IB should be computed sequentially, with profits under 80IB reducing eligible profits for 80HHC. The court affirmed the ITAT's concurrence with the CIT's order, dismissing the appellant's appeal and directing the reassessment of the assessee's total income in favor of the revenue. Case-Laws Income Tax Fri, 22 Nov 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=243372