1984 (2) TMI 200 - AT - Income Tax

Summary

The shipowner returned a freight of Rs. 9,92,975 under section 172 of the Income-tax Act, 1961. The Commissioner ordered a reassessment based on a higher freight amount of Rs. 11,75,074 before rebate. The Tribunal held that the rebate was part of the same transaction as the freight, and the original assessment order was not prejudicial to the revenue. The appeal was allowed, and the revision order was cancelled. (Case: Appellate Tribunal ITAT MADRAS-C, Citation: 1984 (2) TMI 200 - ITAT MADRAS-C)