https://www.taxtmi.com/caselaws?id=254767 The High Court dismissed the Revenue's appeal challenging an order under section 263 of the Income Tax Act, finding that the Commissioner's exercise of power was based on a mere change of opinion without substantial grounds. The Court upheld the Tribunal's decision in favor of the Assessee, emphasizing the importance of valid legal basis for invoking such powers and the relevance of transaction details for capital gains computation. The Court criticized the Commissioner's differing opinion without substantial grounds and dismissed reliance on a specific judgment. The Tribunal's decision was deemed justified, and the Revenue's appeal was rejected without costs awarded. en-us Wed, 17 Dec 2014 00:00:00 +0530 Wed, 13 May 2015 16:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254767 The High Court dismissed the Revenue's appeal challenging an order under section 263 of the Income Tax Act, finding that the Commissioner's exercise of power was based on a mere change of opinion without substantial grounds. The Court upheld the Tribunal's decision in favor of the Assessee, emphasizing the importance of valid legal basis for invoking such powers and the relevance of transaction details for capital gains computation. The Court criticized the Commissioner's differing opinion without substantial grounds and dismissed reliance on a specific judgment. The Tribunal's decision was deemed justified, and the Revenue's appeal was rejected without costs awarded. Case-Laws Income Tax Wed, 17 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254767