https://www.taxtmi.com/caselaws?id=187485 The High Court of Madras upheld the Tribunal's decision in a Tax Case Appeal, ruling in favor of the assessee regarding the Commissioner of Income Tax's exercise of power under Section 263 of the Income-tax Act. While agreeing with the Revenue on the jurisdictional aspect due to the Assessing Officer's oversight in considering the commercial expediency of advances to a sister concern, the Court found the advances were made for commercial expediency as per BIFR orders. The Court declined to interfere with the Tribunal's decision, allowing the Tax Case for statistical purposes without costs. en-us Sun, 01 Dec 2013 00:00:00 +0530 Sat, 05 Nov 2016 22:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=187485 The High Court of Madras upheld the Tribunal's decision in a Tax Case Appeal, ruling in favor of the assessee regarding the Commissioner of Income Tax's exercise of power under Section 263 of the Income-tax Act. While agreeing with the Revenue on the jurisdictional aspect due to the Assessing Officer's oversight in considering the commercial expediency of advances to a sister concern, the Court found the advances were made for commercial expediency as per BIFR orders. The Court declined to interfere with the Tribunal's decision, allowing the Tax Case for statistical purposes without costs. Case-Laws Income Tax Sun, 01 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=187485