https://www.taxtmi.com/caselaws?id=62038 The ITAT ruled in favor of the assessee, allowing the appeal against the Commissioner's order under section 263 of the Income-tax Act, 1961. The Tribunal held that the Commissioner's directive to enhance the assessment was invalid, as section 14A's retrospective application and Circular No. 11 of 2001 restricted reopening settled assessments. The Commissioner's order lacked legal basis, as the Assessing Officer's original order was neither erroneous nor prejudicial to revenue, thus invalidating the Commissioner's revision. en-us Tue, 29 Jun 2004 00:00:00 +0530 Thu, 13 Jun 2024 17:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62038 The ITAT ruled in favor of the assessee, allowing the appeal against the Commissioner's order under section 263 of the Income-tax Act, 1961. The Tribunal held that the Commissioner's directive to enhance the assessment was invalid, as section 14A's retrospective application and Circular No. 11 of 2001 restricted reopening settled assessments. The Commissioner's order lacked legal basis, as the Assessing Officer's original order was neither erroneous nor prejudicial to revenue, thus invalidating the Commissioner's revision. Case-Laws Income Tax Tue, 29 Jun 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62038