https://www.taxtmi.com/caselaws?id=65383 The Tribunal annulled the CIT's revision order under Section 263 of the IT Act, 1961, siding with the assessee. It emphasized that a revision cannot be based on grounds not specified in the show-cause notice. The Tribunal upheld the allowability of business losses under Section 72 and interest under Section 36(1)(iii), citing the rule of consistency and the necessity for the CIT to provide clear grounds for revision. The CIT's initial proposal to disallow expenses under Section 14A was not pursued in the final order, reflecting satisfaction with the assessee's objections. The appeal was allowed, reinforcing procedural fairness and consistency in tax assessments. en-us Fri, 21 Apr 2006 00:00:00 +0530 Sat, 09 Mar 2024 12:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65383 The Tribunal annulled the CIT's revision order under Section 263 of the IT Act, 1961, siding with the assessee. It emphasized that a revision cannot be based on grounds not specified in the show-cause notice. The Tribunal upheld the allowability of business losses under Section 72 and interest under Section 36(1)(iii), citing the rule of consistency and the necessity for the CIT to provide clear grounds for revision. The CIT's initial proposal to disallow expenses under Section 14A was not pursued in the final order, reflecting satisfaction with the assessee's objections. The appeal was allowed, reinforcing procedural fairness and consistency in tax assessments. Case-Laws Income Tax Fri, 21 Apr 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65383