https://www.taxtmi.com/caselaws?id=234838 The tribunal upheld the CIT's order invoking s.263 against the assessee for AY 2005-06, setting aside the assessment due to exclusive accounting methods. The tribunal emphasized compliance with section 145A and the necessity for a lawful assessment to prevent revenue prejudice. Referring to the Malabar Industrial Co. Ltd. v. CIT test, the tribunal directed a redo of the assessment for tax impact evaluation. The decision underscored the importance of meticulous compliance with statutory provisions to maintain assessment integrity and prevent revenue prejudice, ultimately dismissing the assessee's appeal. en-us Fri, 21 Jun 2013 00:00:00 +0530 Sat, 29 Jun 2013 09:28:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=234838 The tribunal upheld the CIT's order invoking s.263 against the assessee for AY 2005-06, setting aside the assessment due to exclusive accounting methods. The tribunal emphasized compliance with section 145A and the necessity for a lawful assessment to prevent revenue prejudice. Referring to the Malabar Industrial Co. Ltd. v. CIT test, the tribunal directed a redo of the assessment for tax impact evaluation. The decision underscored the importance of meticulous compliance with statutory provisions to maintain assessment integrity and prevent revenue prejudice, ultimately dismissing the assessee's appeal. Case-Laws Income Tax Fri, 21 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=234838