https://www.taxtmi.com/caselaws?id=337172 The High Court affirmed the Commissioner of Income-tax's jurisdiction under Section 263 and upheld the decision to set aside the assessment order for the Assessment Year 2009-10. The Court found the assessment order erroneous due to the absence of actual business activity by the appellant, resulting in irregular allowances of losses and notional tax effects. The High Court concluded that the CIT's order was in accordance with the law and beneficial to revenue, dismissing the appeal. en-us Fri, 23 Dec 2016 00:00:00 +0530 Wed, 04 Jan 2017 08:57:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=337172 The High Court affirmed the Commissioner of Income-tax's jurisdiction under Section 263 and upheld the decision to set aside the assessment order for the Assessment Year 2009-10. The Court found the assessment order erroneous due to the absence of actual business activity by the appellant, resulting in irregular allowances of losses and notional tax effects. The High Court concluded that the CIT's order was in accordance with the law and beneficial to revenue, dismissing the appeal. Case-Laws Income Tax Fri, 23 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=337172