https://www.taxtmi.com/caselaws?id=337732 The Tribunal ruled in favor of the assessee, overturning the CIT's order. It held that the CIT's revisionary powers were limited to correcting orders that were both erroneous and prejudicial to revenue, without superseding the AO's authority. The disputed interest income items were not part of the section 115JB provisions, and the AO had applied his mind during assessment and rectification proceedings. Compliance with statutory provisions, limitations on revisionary powers, and adherence to established legal principles in tax assessments were emphasized in the decision. en-us Wed, 11 Jan 2017 00:00:00 +0530 Sat, 14 Jan 2017 08:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=337732 The Tribunal ruled in favor of the assessee, overturning the CIT's order. It held that the CIT's revisionary powers were limited to correcting orders that were both erroneous and prejudicial to revenue, without superseding the AO's authority. The disputed interest income items were not part of the section 115JB provisions, and the AO had applied his mind during assessment and rectification proceedings. Compliance with statutory provisions, limitations on revisionary powers, and adherence to established legal principles in tax assessments were emphasized in the decision. Case-Laws Income Tax Wed, 11 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=337732