https://www.taxtmi.com/caselaws?id=397460 The ITAT Rajkot allowed the appeal of the assessee in a case concerning the treatment of an incentive received as a capital or revenue receipt under the Income Tax Act, 1961. The ITAT held that the AO's decision to treat the incentive as a capital receipt was permissible, and the order under section 263 was not erroneous prejudicial to the interest of revenue. The ITAT quashed the order, citing exceptional circumstances due to the COVID-19 lockdown to justify the delay in pronouncing the judgment. The appeal of the assessee was allowed, and the appeal of the Assessing Officer was dismissed. en-us Tue, 02 Jun 2020 00:00:00 +0530 Tue, 18 Aug 2020 12:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397460 The ITAT Rajkot allowed the appeal of the assessee in a case concerning the treatment of an incentive received as a capital or revenue receipt under the Income Tax Act, 1961. The ITAT held that the AO's decision to treat the incentive as a capital receipt was permissible, and the order under section 263 was not erroneous prejudicial to the interest of revenue. The ITAT quashed the order, citing exceptional circumstances due to the COVID-19 lockdown to justify the delay in pronouncing the judgment. The appeal of the assessee was allowed, and the appeal of the Assessing Officer was dismissed. Case-Laws Income Tax Tue, 02 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397460