https://www.taxtmi.com/caselaws?id=762972 ITAT Cuttack allowed the assessee's appeal and quashed the Pr.CIT's order under Section 263. The tribunal held that while the AO's assessment may have been erroneous regarding computation of statutory exemption under Section 11(1)(a) on net surplus versus gross receipts, it was not prejudicial to revenue interest. Since the Pr.CIT himself acknowledged no prejudice to revenue and the assessee had valid registration under Section 12A with income properly applied for designated purposes, the twin conditions required under Section 263 were not satisfied to invoke revisional jurisdiction. en-us Wed, 25 Sep 2024 00:00:00 +0530 Tue, 10 Dec 2024 13:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762972 ITAT Cuttack allowed the assessee's appeal and quashed the Pr.CIT's order under Section 263. The tribunal held that while the AO's assessment may have been erroneous regarding computation of statutory exemption under Section 11(1)(a) on net surplus versus gross receipts, it was not prejudicial to revenue interest. Since the Pr.CIT himself acknowledged no prejudice to revenue and the assessee had valid registration under Section 12A with income properly applied for designated purposes, the twin conditions required under Section 263 were not satisfied to invoke revisional jurisdiction. Case-Laws Income Tax Wed, 25 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762972