https://www.taxtmi.com/caselaws?id=334924 The Tribunal concluded that the Assessing Officer's decision to treat the surrendered income as business income and allow the deduction under section 40(b) was not erroneous. Therefore, the Commissioner of Income Tax was not justified in invoking section 263 as the conditions for such revision were not met. The Tribunal quashed the Commissioner's order and allowed the assessee's appeal. en-us Wed, 13 Apr 2016 00:00:00 +0530 Mon, 21 Nov 2016 11:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=334924 The Tribunal concluded that the Assessing Officer's decision to treat the surrendered income as business income and allow the deduction under section 40(b) was not erroneous. Therefore, the Commissioner of Income Tax was not justified in invoking section 263 as the conditions for such revision were not met. The Tribunal quashed the Commissioner's order and allowed the assessee's appeal. Case-Laws Income Tax Wed, 13 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=334924