https://www.taxtmi.com/caselaws?id=330370 The High Court dismissed the tax appeal, affirming the Tribunal's decision that the Commissioner's order under section 263 of the Income Tax Act constituted a change of opinion and should not have been exercised when two views were possible. The Court upheld the principle that only the profit element from undisclosed income can be taxed, not the entire amount, emphasizing the importance of sustainable views in such matters. The appeal was ultimately dismissed as no question of law arose. en-us Tue, 19 Jul 2016 00:00:00 +0530 Thu, 17 Nov 2016 16:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330370 The High Court dismissed the tax appeal, affirming the Tribunal's decision that the Commissioner's order under section 263 of the Income Tax Act constituted a change of opinion and should not have been exercised when two views were possible. The Court upheld the principle that only the profit element from undisclosed income can be taxed, not the entire amount, emphasizing the importance of sustainable views in such matters. The appeal was ultimately dismissed as no question of law arose. Case-Laws Income Tax Tue, 19 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330370