https://www.taxtmi.com/caselaws?id=286987 The Tribunal allowed the appeal against the Ld.Pr.Commissioner's order under section 263 for AY 2009-10, ruling in favor of the Assessee. It held that the order directing enhancement of assessed business income by treating unutilized Modvat Credit as taxable income under section 145A was not justified as it did not meet the twin conditions of error and prejudice to revenue. The Tribunal quashed the Ld.Pr.Commissioner's order, setting aside the decision and concluding in favor of the Assessee. en-us Wed, 26 Aug 2015 00:00:00 +0530 Tue, 24 Mar 2020 10:20:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286987 The Tribunal allowed the appeal against the Ld.Pr.Commissioner's order under section 263 for AY 2009-10, ruling in favor of the Assessee. It held that the order directing enhancement of assessed business income by treating unutilized Modvat Credit as taxable income under section 145A was not justified as it did not meet the twin conditions of error and prejudice to revenue. The Tribunal quashed the Ld.Pr.Commissioner's order, setting aside the decision and concluding in favor of the Assessee. Case-Laws Income Tax Wed, 26 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286987