https://www.taxtmi.com/caselaws?id=255161 The Commissioner revised the assessment order under sec. 263 of the Income Tax Act, finding the AO's computation of income and deduction u/s 10A erroneous. The deduction was restricted to business profits as directed by the CIT. The High Court held that DRP approval did not preclude revision under sec. 263, emphasizing the AO's error in allowing the deduction post-ALP adjustment. The Tribunal upheld the Commissioner's decision, emphasizing the correct application of deduction provisions and assessment procedures. The appellant's appeal was dismissed. en-us Fri, 12 Sep 2014 00:00:00 +0530 Fri, 09 Jan 2015 11:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=255161 The Commissioner revised the assessment order under sec. 263 of the Income Tax Act, finding the AO's computation of income and deduction u/s 10A erroneous. The deduction was restricted to business profits as directed by the CIT. The High Court held that DRP approval did not preclude revision under sec. 263, emphasizing the AO's error in allowing the deduction post-ALP adjustment. The Tribunal upheld the Commissioner's decision, emphasizing the correct application of deduction provisions and assessment procedures. The appellant's appeal was dismissed. Case-Laws Income Tax Fri, 12 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=255161