https://www.taxtmi.com/caselaws?id=435228 The Tribunal quashed the revision order under section 263 of the Income-tax Act, finding that the treatment of a Joint Venture's loss as profit was a rectifiable mistake without prejudice to revenue. The Tribunal held that the CIT's concerns were unfounded, citing legal precedents. It concluded that the revisionary proceedings were unjustified, allowing the appeal of the assessee and emphasizing the need to rectify the error in the respective assessment year. en-us Mon, 13 Mar 2023 00:00:00 +0530 Wed, 15 Mar 2023 08:27:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=435228 The Tribunal quashed the revision order under section 263 of the Income-tax Act, finding that the treatment of a Joint Venture's loss as profit was a rectifiable mistake without prejudice to revenue. The Tribunal held that the CIT's concerns were unfounded, citing legal precedents. It concluded that the revisionary proceedings were unjustified, allowing the appeal of the assessee and emphasizing the need to rectify the error in the respective assessment year. Case-Laws Income Tax Mon, 13 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=435228