https://www.taxtmi.com/caselaws?id=192316 The Tribunal set aside the order of the Ld. CIT(Exemption) under Section 263 of the Income Tax Act, finding that the assessment order was not both erroneous and prejudicial to Revenue. It was established that the development funds were appropriately treated as income, utilized for construction, and claimed as exempt under Section 11. The Tribunal concluded that the appellant was not given sufficient time and opportunity to present their case, ruling in favor of the assessee due to the lack of prejudice to Revenue in the assessment order. en-us Wed, 13 Jan 2016 00:00:00 +0530 Wed, 24 May 2017 18:35:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=192316 The Tribunal set aside the order of the Ld. CIT(Exemption) under Section 263 of the Income Tax Act, finding that the assessment order was not both erroneous and prejudicial to Revenue. It was established that the development funds were appropriately treated as income, utilized for construction, and claimed as exempt under Section 11. The Tribunal concluded that the appellant was not given sufficient time and opportunity to present their case, ruling in favor of the assessee due to the lack of prejudice to Revenue in the assessment order. Case-Laws Income Tax Wed, 13 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=192316