https://www.taxtmi.com/caselaws?id=177873 The High Court of Bombay heard an Appeal challenging an order passed by the Income Tax Appellate Tribunal under section 263 of the Income Tax Act for the Assessment Year 2005-06. The case involved an Assessee benefiting from the Sales Tax Deferment Scheme 1989 of the Government of Rajasthan. The Assessee prepaid a sales tax loan, resulting in a surplus credited to the Profit and Loss Account. The Court held that section 263 should not have been invoked as the Assessing Officer's view was valid, dismissing the Revenue's Appeal and emphasizing the importance of considering the Assessing Officer's perspective before invoking section 263. en-us Thu, 26 Jun 2014 00:00:00 +0530 Thu, 21 Jan 2016 07:07:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177873 The High Court of Bombay heard an Appeal challenging an order passed by the Income Tax Appellate Tribunal under section 263 of the Income Tax Act for the Assessment Year 2005-06. The case involved an Assessee benefiting from the Sales Tax Deferment Scheme 1989 of the Government of Rajasthan. The Assessee prepaid a sales tax loan, resulting in a surplus credited to the Profit and Loss Account. The Court held that section 263 should not have been invoked as the Assessing Officer's view was valid, dismissing the Revenue's Appeal and emphasizing the importance of considering the Assessing Officer's perspective before invoking section 263. Case-Laws Income Tax Thu, 26 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177873