https://www.taxtmi.com/caselaws?id=325105 The Tribunal upheld the Commissioner of Income Tax's invocation of Section 263, finding the Assessing Officer's order erroneous and prejudicial to Revenue. The Tribunal disallowed the claimed deductions of Rs. 68,02,500 as not meeting the requirements under Section 48 or the principle of diversion of income by overriding title. The appeal was dismissed on February 10, 2016, in Chennai. en-us Wed, 10 Feb 2016 00:00:00 +0530 Wed, 08 Jul 2026 11:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=325105 The Tribunal upheld the Commissioner of Income Tax's invocation of Section 263, finding the Assessing Officer's order erroneous and prejudicial to Revenue. The Tribunal disallowed the claimed deductions of Rs. 68,02,500 as not meeting the requirements under Section 48 or the principle of diversion of income by overriding title. The appeal was dismissed on February 10, 2016, in Chennai. Case-Laws Income Tax Wed, 10 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=325105