https://www.taxtmi.com/caselaws?id=331653 The Tribunal partly allowed the assessee's appeal, setting aside the Commissioner of Income Tax's order on the validity of the order under section 263 of the Income Tax Act. The Tribunal modified the direction regarding the excessive claim of deduction under section 80C, emphasizing the CIT's power to modify the assessment rather than setting it aside entirely. The decision underscored the significance of conducting proper inquiries and applying legal principles in assessing claimed expenditures and deductions under the Income Tax Act. en-us Fri, 22 Jul 2016 00:00:00 +0530 Tue, 30 Aug 2016 10:59:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331653 The Tribunal partly allowed the assessee's appeal, setting aside the Commissioner of Income Tax's order on the validity of the order under section 263 of the Income Tax Act. The Tribunal modified the direction regarding the excessive claim of deduction under section 80C, emphasizing the CIT's power to modify the assessment rather than setting it aside entirely. The decision underscored the significance of conducting proper inquiries and applying legal principles in assessing claimed expenditures and deductions under the Income Tax Act. Case-Laws Income Tax Fri, 22 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331653