https://www.taxtmi.com/caselaws?id=78459 The court held that the invocation of jurisdiction under section 263 of the Income-tax Act was invalid. The Assessing Officer had considered the applicability of section 40A(3) and the issue of initial investment, which had been decided by the Commissioner of Income-tax (Appeals). As such, the court ruled in favor of the assessee, concluding that the exercise of power under section 263 was not sustainable on these grounds. The appeal was disposed of in favor of the assessee, with no order as to costs. en-us Fri, 26 Mar 2010 00:00:00 +0530 Thu, 18 Nov 2010 10:57:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=78459 The court held that the invocation of jurisdiction under section 263 of the Income-tax Act was invalid. The Assessing Officer had considered the applicability of section 40A(3) and the issue of initial investment, which had been decided by the Commissioner of Income-tax (Appeals). As such, the court ruled in favor of the assessee, concluding that the exercise of power under section 263 was not sustainable on these grounds. The appeal was disposed of in favor of the assessee, with no order as to costs. Case-Laws Income Tax Fri, 26 Mar 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=78459