https://www.taxtmi.com/caselaws?id=270661 The Tribunal upheld the orders passed by the CIT under section 263 of the Income-tax Act, 1961, in consolidated appeals involving companies with low income receiving share capital at a high premium. Despite objections and adjournments by the assessees, the Tribunal proceeded ex parte, emphasizing the CIT's authority to revise assessment orders due to the AO's inadequate inquiry. The Tribunal clarified issues related to notice service, limitation periods, territorial jurisdiction, and validity of orders, ultimately affirming the impugned orders and underscoring the CIT's revision power under the law. en-us Tue, 03 Nov 2015 00:00:00 +0530 Tue, 12 Jan 2016 10:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270661 The Tribunal upheld the orders passed by the CIT under section 263 of the Income-tax Act, 1961, in consolidated appeals involving companies with low income receiving share capital at a high premium. Despite objections and adjournments by the assessees, the Tribunal proceeded ex parte, emphasizing the CIT's authority to revise assessment orders due to the AO's inadequate inquiry. The Tribunal clarified issues related to notice service, limitation periods, territorial jurisdiction, and validity of orders, ultimately affirming the impugned orders and underscoring the CIT's revision power under the law. Case-Laws Income Tax Tue, 03 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270661