https://www.taxtmi.com/caselaws?id=256724 The court upheld the original assessment order by the Assessing Officer (AO), stating that the AO had valid jurisdiction when issuing the notice under section 143(2). It emphasized that the Commissioner of Income-tax's (CIT) power under section 263 must be exercised within legal boundaries and not to correct every mistake by the AO. The reassessment initiated by the subsequent CIT was deemed unjustified as it was based on a change of opinion and lacked new material evidence, leading to unnecessary harassment of the assessee. The court highlighted the importance of procedural fairness and dismissed the appeal, finding no substantial legal question. en-us Thu, 02 Jan 2014 00:00:00 +0530 Fri, 20 Feb 2015 08:39:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256724 The court upheld the original assessment order by the Assessing Officer (AO), stating that the AO had valid jurisdiction when issuing the notice under section 143(2). It emphasized that the Commissioner of Income-tax's (CIT) power under section 263 must be exercised within legal boundaries and not to correct every mistake by the AO. The reassessment initiated by the subsequent CIT was deemed unjustified as it was based on a change of opinion and lacked new material evidence, leading to unnecessary harassment of the assessee. The court highlighted the importance of procedural fairness and dismissed the appeal, finding no substantial legal question. Case-Laws Income Tax Thu, 02 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256724