https://www.taxtmi.com/caselaws?id=395612 The Tribunal upheld the validity of the revision orders and the corrigendum under section 263 of the Income Tax Act. However, it directed the Assessing Officer to re-examine the treatment of the excise duty exemption as a capital or revenue receipt independently, emphasizing the need for a proper inquiry and application of legal principles. The Tribunal found the Assessing Officer's previous assessment orders to be erroneous and prejudicial to the Revenue's interests due to inadequate examination of the exemption issue. The Tribunal instructed the AO to provide the assessee with a fair opportunity to be heard in the reassessment process. en-us Thu, 28 Nov 2019 00:00:00 +0530 Sat, 30 May 2020 12:43:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395612 The Tribunal upheld the validity of the revision orders and the corrigendum under section 263 of the Income Tax Act. However, it directed the Assessing Officer to re-examine the treatment of the excise duty exemption as a capital or revenue receipt independently, emphasizing the need for a proper inquiry and application of legal principles. The Tribunal found the Assessing Officer's previous assessment orders to be erroneous and prejudicial to the Revenue's interests due to inadequate examination of the exemption issue. The Tribunal instructed the AO to provide the assessee with a fair opportunity to be heard in the reassessment process. Case-Laws Income Tax Thu, 28 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395612