https://www.taxtmi.com/caselaws?id=77097 The High Court ruled in favor of the assessee, finding that the Income-tax Appellate Tribunal exceeded its jurisdiction by imposing conditions on the assessment of income based on original returns deemed non-existent. The Court emphasized that the assessment should be done afresh from audited accounts without such limitations. However, the Tribunal's direction for reassessment without specific material evidence was upheld, stressing the Assessing Officer's duty to assess income based on audited accounts without external restrictions. The Court clarified the Tribunal's limited power in rectification applications, highlighting the importance of adhering to legal principles in income assessment procedures. en-us Wed, 02 Sep 2009 00:00:00 +0530 Tue, 17 Aug 2010 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=77097 The High Court ruled in favor of the assessee, finding that the Income-tax Appellate Tribunal exceeded its jurisdiction by imposing conditions on the assessment of income based on original returns deemed non-existent. The Court emphasized that the assessment should be done afresh from audited accounts without such limitations. However, the Tribunal's direction for reassessment without specific material evidence was upheld, stressing the Assessing Officer's duty to assess income based on audited accounts without external restrictions. The Court clarified the Tribunal's limited power in rectification applications, highlighting the importance of adhering to legal principles in income assessment procedures. Case-Laws Income Tax Wed, 02 Sep 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=77097