https://www.taxtmi.com/caselaws?id=766101 The ITAT Ahmedabad dismissed a revision petition under section 263 regarding alleged understatement of income from the assessee's Philippines branch. The tribunal held that the Philippines branch income was correctly included in Indian financials and offered to tax under the Indian Income Tax Act. The assessee properly computed doubly taxed income of Rs. 13,32,45,195 as per DTAA Article 24 provisions. The tribunal found no error by the Assessing Officer and no prejudice to the department, allowing the assessee's appeal. en-us Tue, 11 Feb 2025 00:00:00 +0530 Tue, 18 Feb 2025 08:10:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766101 The ITAT Ahmedabad dismissed a revision petition under section 263 regarding alleged understatement of income from the assessee's Philippines branch. The tribunal held that the Philippines branch income was correctly included in Indian financials and offered to tax under the Indian Income Tax Act. The assessee properly computed doubly taxed income of Rs. 13,32,45,195 as per DTAA Article 24 provisions. The tribunal found no error by the Assessing Officer and no prejudice to the department, allowing the assessee's appeal. Case-Laws Income Tax Tue, 11 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766101