https://www.taxtmi.com/caselaws?id=209331 The High Court dismissed the appeal challenging the Commissioner's order under section 263 of the Income Tax Act. It upheld the Tribunal's decision, stating that the Commissioner can act under section 263 if the assessing officer's order is erroneous and prejudicial to revenue. Regarding the applicability of the proviso to section 14 A of the Income Tax Act, the High Court remanded the matter back to the Tribunal for reconsideration, noting the Tribunal's failure to consider the impact of the proviso. The Court affirmed that the proviso did not apply to the assessees' case for the assessment year 1995-96, as it was inserted with retrospective effect from 11.5.2001. en-us Fri, 24 Dec 2010 00:00:00 +0530 Tue, 23 Jul 2013 11:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=209331 The High Court dismissed the appeal challenging the Commissioner's order under section 263 of the Income Tax Act. It upheld the Tribunal's decision, stating that the Commissioner can act under section 263 if the assessing officer's order is erroneous and prejudicial to revenue. Regarding the applicability of the proviso to section 14 A of the Income Tax Act, the High Court remanded the matter back to the Tribunal for reconsideration, noting the Tribunal's failure to consider the impact of the proviso. The Court affirmed that the proviso did not apply to the assessees' case for the assessment year 1995-96, as it was inserted with retrospective effect from 11.5.2001. Case-Laws Income Tax Fri, 24 Dec 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=209331