https://www.taxtmi.com/caselaws?id=373040 The Tribunal allowed the appeal, holding that the Principal Commissioner was not justified in invoking revisionary jurisdiction under section 263 of the Income Tax Act, 1961. The disallowance of provisions for gratuity and bad debts by the Principal Commissioner was deemed unwarranted as it would increase the appellant's income and affect the deduction under section 80P. Citing a CBDT circular and the decision in Malabar Industries Ltd. case, the Tribunal concluded that the conditions for invoking section 263 were not met, thereby quashing the revision proceedings. en-us Fri, 30 Nov 2018 00:00:00 +0530 Sat, 05 Jan 2019 08:05:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373040 The Tribunal allowed the appeal, holding that the Principal Commissioner was not justified in invoking revisionary jurisdiction under section 263 of the Income Tax Act, 1961. The disallowance of provisions for gratuity and bad debts by the Principal Commissioner was deemed unwarranted as it would increase the appellant's income and affect the deduction under section 80P. Citing a CBDT circular and the decision in Malabar Industries Ltd. case, the Tribunal concluded that the conditions for invoking section 263 were not met, thereby quashing the revision proceedings. Case-Laws Income Tax Fri, 30 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373040