https://www.taxtmi.com/caselaws?id=151473 The Tribunal quashed the Commissioner of Income-tax's order under Section 263 as it was passed beyond the statutory time limit. Consequently, the subsequent assessment order and penalty were annulled. The value of the Mercedes Benz car provided to the assessee was reduced to Rs. 7.50 lakhs for the purpose of addition to the income. en-us Thu, 27 Aug 2009 00:00:00 +0530 Thu, 06 Jun 2013 14:31:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=151473 The Tribunal quashed the Commissioner of Income-tax's order under Section 263 as it was passed beyond the statutory time limit. Consequently, the subsequent assessment order and penalty were annulled. The value of the Mercedes Benz car provided to the assessee was reduced to Rs. 7.50 lakhs for the purpose of addition to the income. Case-Laws Income Tax Thu, 27 Aug 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=151473