https://www.taxtmi.com/caselaws?id=187791 The High Court allowed the appeal, directing a reassessment for the specific assessment year based on the CIT's objections, emphasizing the importance of proper procedure and fairness in tax assessments to safeguard the interests of both the revenue and the assessee. The Court acknowledged the lack of proper procedure in issuing the notice under section 263 but did not give much weight to this infirmity due to the assessee not raising the issue. The Court also found the CIT's actions extending beyond the specific assessment year to be an abuse of power but did not entirely agree with setting aside the CIT's order under section 263. en-us Mon, 25 Jan 2016 00:00:00 +0530 Mon, 07 Nov 2016 13:37:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=187791 The High Court allowed the appeal, directing a reassessment for the specific assessment year based on the CIT's objections, emphasizing the importance of proper procedure and fairness in tax assessments to safeguard the interests of both the revenue and the assessee. The Court acknowledged the lack of proper procedure in issuing the notice under section 263 but did not give much weight to this infirmity due to the assessee not raising the issue. The Court also found the CIT's actions extending beyond the specific assessment year to be an abuse of power but did not entirely agree with setting aside the CIT's order under section 263. Case-Laws Income Tax Mon, 25 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=187791