https://www.taxtmi.com/caselaws?id=214885 The Tribunal held that the CIT's assumption of jurisdiction under section 263 of the Income Tax Act was impermissible due to a change of opinion, emphasizing the need for substantial grounds to invoke such jurisdiction. It ruled in favor of the assessee, canceling the CIT's order and highlighting the importance of proper verification and adherence to established principles in tax assessments. The decision underscored that deductions allowed after due verification by the assessing officer cannot be reassessed based on subsequent clarifications, ensuring a fair application of tax laws. en-us Fri, 25 May 2012 00:00:00 +0530 Tue, 17 Jul 2012 14:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214885 The Tribunal held that the CIT's assumption of jurisdiction under section 263 of the Income Tax Act was impermissible due to a change of opinion, emphasizing the need for substantial grounds to invoke such jurisdiction. It ruled in favor of the assessee, canceling the CIT's order and highlighting the importance of proper verification and adherence to established principles in tax assessments. The decision underscored that deductions allowed after due verification by the assessing officer cannot be reassessed based on subsequent clarifications, ensuring a fair application of tax laws. Case-Laws Income Tax Fri, 25 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214885