https://www.taxtmi.com/caselaws?id=266110 The Tribunal quashed the order passed under section 263 of the Income Tax Act, ruling in favor of the appellant. It held that once an assessment order is rectified, only the rectified order can be revised under section 263, citing legal precedents. The rectified order correcting the mistake in the original assessment regarding section 50C made the notice under section 263 invalid. The Commissioner of Income-tax's failure to consider the rectified order before initiating de novo proceedings was deemed legally invalid. Consequently, the Tribunal allowed the appeal, dismissed the stay application, and delivered the judgment on July 4, 2014. en-us Fri, 04 Jul 2014 00:00:00 +0530 Sat, 17 Oct 2015 23:25:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=266110 The Tribunal quashed the order passed under section 263 of the Income Tax Act, ruling in favor of the appellant. It held that once an assessment order is rectified, only the rectified order can be revised under section 263, citing legal precedents. The rectified order correcting the mistake in the original assessment regarding section 50C made the notice under section 263 invalid. The Commissioner of Income-tax's failure to consider the rectified order before initiating de novo proceedings was deemed legally invalid. Consequently, the Tribunal allowed the appeal, dismissed the stay application, and delivered the judgment on July 4, 2014. Case-Laws Income Tax Fri, 04 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=266110