https://www.taxtmi.com/caselaws?id=262796 The Tribunal upheld the validity of the notice issued under Section 263 of the Income Tax Act, 1961, stating that the Commissioner of Income Tax (CIT) had the jurisdiction to invoke the provisions of Section 263. The assessment order was found to be erroneous and prejudicial to the interest of revenue due to various identified issues, including disallowance of interest on loans, verification of TDS on payments, and disallowance of deductions under Section 80IB(7A). The CIT's directions for disallowances were upheld, and the appeal of the assessee was dismissed. en-us Fri, 14 Aug 2015 00:00:00 +0530 Thu, 20 Aug 2015 10:08:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262796 The Tribunal upheld the validity of the notice issued under Section 263 of the Income Tax Act, 1961, stating that the Commissioner of Income Tax (CIT) had the jurisdiction to invoke the provisions of Section 263. The assessment order was found to be erroneous and prejudicial to the interest of revenue due to various identified issues, including disallowance of interest on loans, verification of TDS on payments, and disallowance of deductions under Section 80IB(7A). The CIT's directions for disallowances were upheld, and the appeal of the assessee was dismissed. Case-Laws Income Tax Fri, 14 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262796