https://www.taxtmi.com/caselaws?id=441303 The Appellate Tribunal ruled in favor of the assessee in a case concerning the revision order under section 263 of the Income-tax Act, 1961 related to tax credit under section 115JAA. The Tribunal held that the Assessing Officer did not err in allowing the tax credit for the current year and emphasized that the non-allowance of tax credit for earlier years was the core issue. It was concluded that tax credit for previous years should not be allowed without proper legal procedure. Consequently, the appeal was allowed, and the assessee succeeded in challenging the tax credit issue. en-us Mon, 31 Jul 2023 00:00:00 +0530 Sat, 05 Aug 2023 08:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441303 The Appellate Tribunal ruled in favor of the assessee in a case concerning the revision order under section 263 of the Income-tax Act, 1961 related to tax credit under section 115JAA. The Tribunal held that the Assessing Officer did not err in allowing the tax credit for the current year and emphasized that the non-allowance of tax credit for earlier years was the core issue. It was concluded that tax credit for previous years should not be allowed without proper legal procedure. Consequently, the appeal was allowed, and the assessee succeeded in challenging the tax credit issue. Case-Laws Income Tax Mon, 31 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441303