https://www.taxtmi.com/caselaws?id=66943 The Tribunal allowed the appeals, determining that the orders dropping proceedings u/s 148 were valid as they adhered to the prescribed time limits. It held that the revisional order u/s 263 was unjustified, as the Assessing Officer had conducted proper inquiries before dropping the reassessment proceedings. The Tribunal emphasized that the CIT's change of opinion did not constitute a valid basis for invoking revisional provisions u/s 263. The Tribunal concluded that the actions of the Assessing Officer were in accordance with the law, and the CIT's order was not warranted. en-us Wed, 20 Oct 2004 00:00:00 +0530 Thu, 27 Jun 2024 15:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66943 The Tribunal allowed the appeals, determining that the orders dropping proceedings u/s 148 were valid as they adhered to the prescribed time limits. It held that the revisional order u/s 263 was unjustified, as the Assessing Officer had conducted proper inquiries before dropping the reassessment proceedings. The Tribunal emphasized that the CIT's change of opinion did not constitute a valid basis for invoking revisional provisions u/s 263. The Tribunal concluded that the actions of the Assessing Officer were in accordance with the law, and the CIT's order was not warranted. Case-Laws Income Tax Wed, 20 Oct 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66943