https://www.taxtmi.com/caselaws?id=253567 The Tribunal's decision was upheld in the appeal filed by the Revenue against the invocation of Section 263 of the Income Tax Act. The Tribunal found that the Commissioner could not interfere with the assessing authority's decision regarding the provisions for diminution in the value of assets under Section 115JA. The Apex Court clarified that even if an amendment is retrospective, the Revenue cannot benefit from it in Section 263 proceedings, leading to the dismissal of the appeal without addressing the substantial legal question raised. en-us Mon, 04 Aug 2014 00:00:00 +0530 Fri, 28 Nov 2014 10:33:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=253567 The Tribunal's decision was upheld in the appeal filed by the Revenue against the invocation of Section 263 of the Income Tax Act. The Tribunal found that the Commissioner could not interfere with the assessing authority's decision regarding the provisions for diminution in the value of assets under Section 115JA. The Apex Court clarified that even if an amendment is retrospective, the Revenue cannot benefit from it in Section 263 proceedings, leading to the dismissal of the appeal without addressing the substantial legal question raised. Case-Laws Income Tax Mon, 04 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=253567