https://www.taxtmi.com/caselaws?id=214323 The ITAT quashed the CIT's order under section 263 regarding the initial issue expenses. The appeal by the assessee was allowed, emphasizing that the CIT had overstepped by addressing issues not covered in the show-cause notice and that the SEBI regulations were not binding for tax computations under the Income Tax Act. The ITAT also highlighted that on debatable issues where two views are possible, jurisdiction under section 263 should not be exercised. en-us Fri, 27 Jan 2012 00:00:00 +0530 Tue, 26 Jun 2012 18:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214323 The ITAT quashed the CIT's order under section 263 regarding the initial issue expenses. The appeal by the assessee was allowed, emphasizing that the CIT had overstepped by addressing issues not covered in the show-cause notice and that the SEBI regulations were not binding for tax computations under the Income Tax Act. The ITAT also highlighted that on debatable issues where two views are possible, jurisdiction under section 263 should not be exercised. Case-Laws Income Tax Fri, 27 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214323