https://www.taxtmi.com/caselaws?id=270073 The Tribunal allowed the appellant's appeal, annulling the Commissioner's order under section 263 of the IT Act. The Tribunal concluded that the exclusion of the disputed Manglad Flash Flood Claim from income was justified, following past practices and legal principles. The decision emphasized that the Assessing Officer's order was not erroneous or prejudicial to revenue, as the claim was eventually offered for taxation in the year of final settlement, ensuring no revenue loss. en-us Fri, 18 Dec 2015 00:00:00 +0530 Mon, 28 Dec 2015 11:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270073 The Tribunal allowed the appellant's appeal, annulling the Commissioner's order under section 263 of the IT Act. The Tribunal concluded that the exclusion of the disputed Manglad Flash Flood Claim from income was justified, following past practices and legal principles. The decision emphasized that the Assessing Officer's order was not erroneous or prejudicial to revenue, as the claim was eventually offered for taxation in the year of final settlement, ensuring no revenue loss. Case-Laws Income Tax Fri, 18 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270073