https://www.taxtmi.com/caselaws?id=255447 The Tribunal allowed the appeal, quashing the CIT's order under Section 263. It held the assessment order was not prejudicial to Revenue as carbon credit receipts were capital, not taxable. Both conditions (erroneous and prejudicial) must be met for Section 263, which was not the case here. en-us Fri, 28 Nov 2014 00:00:00 +0530 Fri, 13 Feb 2015 12:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=255447 The Tribunal allowed the appeal, quashing the CIT's order under Section 263. It held the assessment order was not prejudicial to Revenue as carbon credit receipts were capital, not taxable. Both conditions (erroneous and prejudicial) must be met for Section 263, which was not the case here. Case-Laws Income Tax Fri, 28 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=255447