https://www.taxtmi.com/highlights?id=91855 ITAT held that the Pr. CIT's revision under s. 263 challenging an assessment passed under s. 153A read with s. 143(3) in respect of carbon-credit receipts failed because the incriminating materials relied on by the AO were held by the CIT(A) to be non-incriminating, thereby vitiating the foundation for reassessment; the assessee's appeal on this limb was allowed. Conversely, ITAT upheld the Pr. CIT's exercise of s. 263 jurisdiction to rectify erroneous computation of deduction under s. 80IA where the AO omitted allocation of head-office expenses and other costs, causing prejudice; such specific apportionment fell within "such matters" warranting revision, and the assessee's appeal on this issue was dismissed. en-us Sat, 23 Aug 2025 08:31:25 +0530 Sat, 23 Aug 2025 08:31:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=91855 ITAT held that the Pr. CIT's revision under s. 263 challenging an assessment passed under s. 153A read with s. 143(3) in respect of carbon-credit receipts failed because the incriminating materials relied on by the AO were held by the CIT(A) to be non-incriminating, thereby vitiating the foundation for reassessment; the assessee's appeal on this limb was allowed. Conversely, ITAT upheld the Pr. CIT's exercise of s. 263 jurisdiction to rectify erroneous computation of deduction under s. 80IA where the AO omitted allocation of head-office expenses and other costs, causing prejudice; such specific apportionment fell within "such matters" warranting revision, and the assessee's appeal on this issue was dismissed. Highlights Income Tax Sat, 23 Aug 2025 08:31:25 +0530 https://www.taxtmi.com/highlights?id=91855