Rectification under s.154: Rs.7.66 crore previously taxed cannot be re-added; testing, calibration and sponsored fees excluded under s.11(1B)

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....ITAT allows rectification under s.154 and directs that the previously taxed amount of Rs.7.66 crores, offered by the assessee in its return and taxed in AY 2015-16, shall not be recharacterised or re-added in the impugned assessment year. The Tribunal holds that income from testing/calibration and sponsored fees, computed on actual basis, having been subjected to tax earlier, must be excluded from current-year taxable income and any addition under s.11(1B) is unsustainable. AO is directed to reduce the assessed income accordingly, delete the impugned addition and delete the amount from the current-year computation after due verification, with adjustments to be given effect in the rectified assessment.....