https://www.taxtmi.com/caselaws?id=430201 The Tribunal found the original assessment order not erroneous or prejudicial to revenue, quashing the Principal Commissioner's revisionary order under section 263. The Tribunal emphasized the Assessing Officer's discretion and the need for both conditions (erroneous and prejudicial) to invoke section 263. It held that 'on money' disclosed by the assessee was business income, not subject to section 115BBE, allowing deductions. Deductions for service tax paid and remuneration to partners were upheld as legitimate business expenses under sections 37 and 40(b). The assessee's appeal was allowed. en-us Fri, 11 Nov 2022 00:00:00 +0530 Mon, 14 Nov 2022 17:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430201 The Tribunal found the original assessment order not erroneous or prejudicial to revenue, quashing the Principal Commissioner's revisionary order under section 263. The Tribunal emphasized the Assessing Officer's discretion and the need for both conditions (erroneous and prejudicial) to invoke section 263. It held that 'on money' disclosed by the assessee was business income, not subject to section 115BBE, allowing deductions. Deductions for service tax paid and remuneration to partners were upheld as legitimate business expenses under sections 37 and 40(b). The assessee's appeal was allowed. Case-Laws Income Tax Fri, 11 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430201