https://www.taxtmi.com/caselaws?id=77505 The High Court ruled in favor of the assessee in a case concerning the invocation of power under section 263 of the Income-tax Act, 1961, and the nature of a payment made to M/s. Nehru Centre as 'goodwill.' The court found the revisional authority's decision to set aside the Assessing Officer's order as erroneous, emphasizing the need for the order to be both erroneous and prejudicial to the Revenue for invoking section 263. The court remanded the issue of the payment's nature back to the Assessing Officer for fresh consideration, instructing an independent assessment. en-us Mon, 15 Jun 2009 00:00:00 +0530 Tue, 21 Sep 2010 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=77505 The High Court ruled in favor of the assessee in a case concerning the invocation of power under section 263 of the Income-tax Act, 1961, and the nature of a payment made to M/s. Nehru Centre as 'goodwill.' The court found the revisional authority's decision to set aside the Assessing Officer's order as erroneous, emphasizing the need for the order to be both erroneous and prejudicial to the Revenue for invoking section 263. The court remanded the issue of the payment's nature back to the Assessing Officer for fresh consideration, instructing an independent assessment. Case-Laws Income Tax Mon, 15 Jun 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=77505