https://www.taxtmi.com/caselaws?id=269403 The Tribunal upheld the Commissioner of Income Tax's action under Section 263, finding the assessment order erroneous and prejudicial to revenue due to inclusion of items not eligible for deduction under Section 80IB. The Tribunal agreed with the exclusion of duty drawback and interest income from the deduction calculation, citing a Supreme Court decision. It held that the CIT's jurisdiction under Section 263 was valid despite the issue merging with the CIT(A) order, as the latter did not consider the Supreme Court's interpretation. The Tribunal dismissed the appeals, affirming the CIT's actions and disallowing the deduction on duty drawback and interest income. en-us Wed, 14 Oct 2015 00:00:00 +0530 Mon, 14 Dec 2015 10:42:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=269403 The Tribunal upheld the Commissioner of Income Tax's action under Section 263, finding the assessment order erroneous and prejudicial to revenue due to inclusion of items not eligible for deduction under Section 80IB. The Tribunal agreed with the exclusion of duty drawback and interest income from the deduction calculation, citing a Supreme Court decision. It held that the CIT's jurisdiction under Section 263 was valid despite the issue merging with the CIT(A) order, as the latter did not consider the Supreme Court's interpretation. The Tribunal dismissed the appeals, affirming the CIT's actions and disallowing the deduction on duty drawback and interest income. Case-Laws Income Tax Wed, 14 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=269403