https://www.taxtmi.com/caselaws?id=78794 The High Court quashed a notice issued under Section 263 of the Income Tax Act for the assessment year 2001-02. The Court held that since the petitioner's income was exempted under Section 10 (23C)(iv) and the conditions for invoking Section 263 were not met, the notice was without jurisdiction. The Court emphasized the need for both an erroneous order and prejudice to the revenue for Section 263 to apply, citing the case law precedent. As a result, the writ petition was allowed in favor of the petitioner. en-us Thu, 11 Nov 2010 00:00:00 +0530 Sat, 18 Dec 2010 00:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=78794 The High Court quashed a notice issued under Section 263 of the Income Tax Act for the assessment year 2001-02. The Court held that since the petitioner's income was exempted under Section 10 (23C)(iv) and the conditions for invoking Section 263 were not met, the notice was without jurisdiction. The Court emphasized the need for both an erroneous order and prejudice to the revenue for Section 263 to apply, citing the case law precedent. As a result, the writ petition was allowed in favor of the petitioner. Case-Laws Income Tax Thu, 11 Nov 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=78794