https://www.taxtmi.com/caselaws?id=208960 HC held the AO's assessment under s.147/148 was not erroneous where the AO accepted the loss return, verified and accepted increased share application money (including summons u/s.131) and made no additions relating to the reasons recorded at reopening. Since no addition was made by the AO on those grounds, the CIT's revocation under s.263 was unwarranted. The Tribunal's quashing of the CIT(A)'s order was upheld and the Commissioner could not exercise jurisdiction under s.263. Decision against the Revenue. en-us Tue, 17 Jan 2012 00:00:00 +0530 Wed, 03 Jun 2026 12:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=208960 HC held the AO's assessment under s.147/148 was not erroneous where the AO accepted the loss return, verified and accepted increased share application money (including summons u/s.131) and made no additions relating to the reasons recorded at reopening. Since no addition was made by the AO on those grounds, the CIT's revocation under s.263 was unwarranted. The Tribunal's quashing of the CIT(A)'s order was upheld and the Commissioner could not exercise jurisdiction under s.263. Decision against the Revenue. Case-Laws Income Tax Tue, 17 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=208960