https://www.taxtmi.com/caselaws?id=277420 The Tribunal allowed the appeal of the assessee, quashing the CIT's revision order under section 263 of the Income Tax Act. It held that the AO correctly verified the conditions for deduction under section 80IB(11C), making the revision order invalid and "bad in law." The Tribunal emphasized that both limbs of section 263 must be fulfilled for its invocation, which was not the case here, as the original assessment order was deemed neither erroneous nor prejudicial to the revenue's interest. en-us Tue, 31 Oct 2017 00:00:00 +0530 Tue, 04 Dec 2018 08:55:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277420 The Tribunal allowed the appeal of the assessee, quashing the CIT's revision order under section 263 of the Income Tax Act. It held that the AO correctly verified the conditions for deduction under section 80IB(11C), making the revision order invalid and "bad in law." The Tribunal emphasized that both limbs of section 263 must be fulfilled for its invocation, which was not the case here, as the original assessment order was deemed neither erroneous nor prejudicial to the revenue's interest. Case-Laws Income Tax Tue, 31 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277420