https://www.taxtmi.com/caselaws?id=335293 The Tribunal held that the CIT's revision under Section 263 was not sustainable as the assessment order was not erroneous or prejudicial to the interests of the Revenue. The profit from the sale of carbon credits was deemed a capital receipt and not taxable, thus not eligible for deduction under Section 80IA. The unaccounted income from the sale of remnant seeds, already addressed in the assessment for A.Y 2006-07, would lead to double taxation if taxed again in A.Y 2007-08. The combined order revising both the assessment order under Section 143(3) and the rectification order under Section 154 was deemed legal and within the CIT's powers. en-us Fri, 18 Nov 2016 00:00:00 +0530 Tue, 29 Nov 2016 12:52:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=335293 The Tribunal held that the CIT's revision under Section 263 was not sustainable as the assessment order was not erroneous or prejudicial to the interests of the Revenue. The profit from the sale of carbon credits was deemed a capital receipt and not taxable, thus not eligible for deduction under Section 80IA. The unaccounted income from the sale of remnant seeds, already addressed in the assessment for A.Y 2006-07, would lead to double taxation if taxed again in A.Y 2007-08. The combined order revising both the assessment order under Section 143(3) and the rectification order under Section 154 was deemed legal and within the CIT's powers. Case-Laws Income Tax Fri, 18 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=335293