https://www.taxtmi.com/caselaws?id=247217 The High Court upheld the Tribunal's decision in favor of the Assessee, ruling that the powers under Section 263 of the Income Tax Act were not applicable in the case. Additionally, the application of Section 50 of the Income Tax Act was deemed reasonable based on the specific circumstances presented. The Appeals filed by the Revenue were dismissed, affirming the Assessee's position on both jurisdiction under Section 263 and the application of Section 50. en-us Tue, 08 Apr 2014 00:00:00 +0530 Tue, 06 May 2014 08:34:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247217 The High Court upheld the Tribunal's decision in favor of the Assessee, ruling that the powers under Section 263 of the Income Tax Act were not applicable in the case. Additionally, the application of Section 50 of the Income Tax Act was deemed reasonable based on the specific circumstances presented. The Appeals filed by the Revenue were dismissed, affirming the Assessee's position on both jurisdiction under Section 263 and the application of Section 50. Case-Laws Income Tax Tue, 08 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247217