https://www.taxtmi.com/caselaws?id=271231 The court found in favor of the appellant in a case involving reassessment under Section 263 of the Income Tax Act for the assessment year 2007-08. It was determined that the appellant had correctly accounted for interest payable and had offered income for taxation in relevant years. The court held that the remission of liability should only apply to amounts payable, not amounts already paid. As a result, the revision order under Section 263 was quashed, and the appeal of the assessee was allowed. en-us Wed, 04 Nov 2015 00:00:00 +0530 Thu, 31 Dec 2015 21:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271231 The court found in favor of the appellant in a case involving reassessment under Section 263 of the Income Tax Act for the assessment year 2007-08. It was determined that the appellant had correctly accounted for interest payable and had offered income for taxation in relevant years. The court held that the remission of liability should only apply to amounts payable, not amounts already paid. As a result, the revision order under Section 263 was quashed, and the appeal of the assessee was allowed. Case-Laws Income Tax Wed, 04 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271231