https://www.taxtmi.com/caselaws?id=284382 The Tribunal quashed the Commissioner's order under section 263 of the Income Tax Act, holding the Assessing Officer's assessment order valid. The Tribunal ruled the assessee was entitled to deduction under section 80IB(10) and that the Commissioner erred in invoking section 263 for book profit calculation under section 115JB. The Tribunal emphasized the Assessing Officer's actions were lawful and that the Commissioner's remittance for further review was impermissible. Consequently, the assessee's appeals were successful for both assessment years. en-us Tue, 10 Oct 2017 00:00:00 +0530 Fri, 15 Nov 2019 11:23:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=284382 The Tribunal quashed the Commissioner's order under section 263 of the Income Tax Act, holding the Assessing Officer's assessment order valid. The Tribunal ruled the assessee was entitled to deduction under section 80IB(10) and that the Commissioner erred in invoking section 263 for book profit calculation under section 115JB. The Tribunal emphasized the Assessing Officer's actions were lawful and that the Commissioner's remittance for further review was impermissible. Consequently, the assessee's appeals were successful for both assessment years. Case-Laws Income Tax Tue, 10 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=284382