https://www.taxtmi.com/caselaws?id=180596 The Tribunal set aside the Commissioner of Income-tax's order invoking provisions under section 263 of the Income Tax Act, finding the assessment order not erroneous or prejudicial to Revenue's interests. The Tribunal ruled in favor of the assessee, holding that the advance received was not deemed dividend under section 2(22)(e) as it was a business transaction. The decision was based on the principle that for section 263 to apply, the order must be both erroneous and prejudicial to Revenue's interests, which was not the case here. en-us Fri, 29 Jan 2010 00:00:00 +0530 Wed, 30 Mar 2016 13:26:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180596 The Tribunal set aside the Commissioner of Income-tax's order invoking provisions under section 263 of the Income Tax Act, finding the assessment order not erroneous or prejudicial to Revenue's interests. The Tribunal ruled in favor of the assessee, holding that the advance received was not deemed dividend under section 2(22)(e) as it was a business transaction. The decision was based on the principle that for section 263 to apply, the order must be both erroneous and prejudicial to Revenue's interests, which was not the case here. Case-Laws Income Tax Fri, 29 Jan 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180596