https://www.taxtmi.com/news?id=849 A partnership set up manufacturing units in an exempted area and claimed tax holiday deductions while reporting unusually high profits and minimal investment. After a Section 133A survey the Assessing Officer accepted returned income, but the Commissioner invoked Section 263, treated the assessment as prejudicial, disallowed the exemption, directed reassessment and issuance of Section 148 notices, and initiated interest and penalty proceedings; the matter escalated through appeals and constitutional intervention directing reopening of assessment by another Commissioner. en-us Wed, 13 May 2009 22:12:35 +0530 Wed, 13 May 2009 22:12:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=849 A partnership set up manufacturing units in an exempted area and claimed tax holiday deductions while reporting unusually high profits and minimal investment. After a Section 133A survey the Assessing Officer accepted returned income, but the Commissioner invoked Section 263, treated the assessment as prejudicial, disallowed the exemption, directed reassessment and issuance of Section 148 notices, and initiated interest and penalty proceedings; the matter escalated through appeals and constitutional intervention directing reopening of assessment by another Commissioner. News - Wed, 13 May 2009 22:12:35 +0530 https://www.taxtmi.com/news?id=849