TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Case Laws
of of All Case Laws
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>High Court affirms Revenue's position under section 263 of Income-tax Act. Tribunal decision overturned.</h1> The High Court of Madras upheld the Revenue's position, affirming the Commissioner's decision to invoke section 263 of the Income-tax Act. The Tribunal's ... Section 263 - 'Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in holding that the Commissioner of Income-tax was not correct in invoking the provisions of section 263 of the Income-tax Act, 1961 ?' - The view of the Tribunal that claims made by the assessee was rejected by reason of the order of 'no assessment' is, therefore, not correct. The further inference drawn by it that there was no prejudice caused to the Revenue as there was no acceptance of the claim which showed a substantial amount of a carried forward loss on unabsorbed investment allowance, unabsorbed depreciation and unabsorbed development rebate is also not correct. - Commissioner was justified in invoking his power under section 263 of the Income-tax Act. The question referred is answered in favour of the Revenue and against the assessee. The High Court of Madras ruled in favor of the Revenue, stating that the Commissioner was correct in invoking section 263 of the Income-tax Act. The Tribunal's view that there was no prejudice to the Revenue was deemed incorrect. The judgment referenced previous cases to support the decision.
TaxTMI 
TaxTMI 
