https://www.taxtmi.com/caselaws?id=755352 ITAT Visakhapatnam quashed the consequential assessment order passed by AO under section 143(3) read with section 263, which had disallowed seigniorage charges, productivity linked bonus, and leave encashment. The Tribunal held that since the original revision order under section 263 by CIT-1 was previously quashed for lacking the essential condition of "erroneous" assessment (as AO had applied his mind while allowing section 43B deductions), the consequential order had no legal foundation. The assessee's appeal was allowed. en-us Mon, 22 Jan 2024 00:00:00 +0530 Wed, 10 Jul 2024 15:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755352 ITAT Visakhapatnam quashed the consequential assessment order passed by AO under section 143(3) read with section 263, which had disallowed seigniorage charges, productivity linked bonus, and leave encashment. The Tribunal held that since the original revision order under section 263 by CIT-1 was previously quashed for lacking the essential condition of "erroneous" assessment (as AO had applied his mind while allowing section 43B deductions), the consequential order had no legal foundation. The assessee's appeal was allowed. Case-Laws Income Tax Mon, 22 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755352