https://www.taxtmi.com/caselaws?id=390531 The Tribunal quashed the Commissioner of Income-tax's order under section 263, determining that the Assessing Officer's assessment orders were not erroneous or prejudicial to the revenue's interest. The Tribunal upheld the deduction under section 10B for the Bioinformatics division, finding that the AO's verification process was adequate and reasonable. The Tribunal emphasized that the CIT's differing opinion did not render the AO's decision incorrect, citing legal precedents to support its ruling. As a result, the Tribunal allowed the assessee's appeals for the assessment years 2007-08 and 2008-09. en-us Thu, 31 Oct 2019 00:00:00 +0530 Sat, 04 Jan 2020 17:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390531 The Tribunal quashed the Commissioner of Income-tax's order under section 263, determining that the Assessing Officer's assessment orders were not erroneous or prejudicial to the revenue's interest. The Tribunal upheld the deduction under section 10B for the Bioinformatics division, finding that the AO's verification process was adequate and reasonable. The Tribunal emphasized that the CIT's differing opinion did not render the AO's decision incorrect, citing legal precedents to support its ruling. As a result, the Tribunal allowed the assessee's appeals for the assessment years 2007-08 and 2008-09. Case-Laws Income Tax Thu, 31 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390531