https://www.taxtmi.com/caselaws?id=63271 The Tribunal found that the CIT's assumption of jurisdiction under s. 263 for the assessment year 1998-99 was without merit. Citing legal precedents, including the Malabar Industrial Co. Ltd. case, the Tribunal held that if the Assessing Officer's decision was a possible view, the CIT could not intervene. The Tribunal emphasized the necessity of a direct link between income and the industrial undertaking for deduction under s. 80-IA. Consequently, the Tribunal quashed the CIT's order, ruling in favor of the assessee and allowing their appeal. en-us Mon, 13 Oct 2003 00:00:00 +0530 Mon, 18 Jun 2012 11:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63271 The Tribunal found that the CIT's assumption of jurisdiction under s. 263 for the assessment year 1998-99 was without merit. Citing legal precedents, including the Malabar Industrial Co. Ltd. case, the Tribunal held that if the Assessing Officer's decision was a possible view, the CIT could not intervene. The Tribunal emphasized the necessity of a direct link between income and the industrial undertaking for deduction under s. 80-IA. Consequently, the Tribunal quashed the CIT's order, ruling in favor of the assessee and allowing their appeal. Case-Laws Income Tax Mon, 13 Oct 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63271