https://www.taxtmi.com/caselaws?id=338529 The appeal challenging the Income-tax Appellate Tribunal's decision to set aside an order under section 263 of the Income-tax Act for the assessment year 2007-08 was successful. The Tribunal's failure to properly consider relevant materials, distinguish between inference and presumption, and address crucial aspects of the case rendered its decision perverse. The judgment emphasized fair assessment procedures, the burden of proof on the assessee, and the Commissioner's duty to establish factual inaccuracies before invoking corrective measures under section 263. Consequently, the appeal was allowed, with each party bearing their own costs, concluding the legal proceedings. en-us Thu, 06 Oct 2016 00:00:00 +0530 Mon, 06 Feb 2017 11:18:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338529 The appeal challenging the Income-tax Appellate Tribunal's decision to set aside an order under section 263 of the Income-tax Act for the assessment year 2007-08 was successful. The Tribunal's failure to properly consider relevant materials, distinguish between inference and presumption, and address crucial aspects of the case rendered its decision perverse. The judgment emphasized fair assessment procedures, the burden of proof on the assessee, and the Commissioner's duty to establish factual inaccuracies before invoking corrective measures under section 263. Consequently, the appeal was allowed, with each party bearing their own costs, concluding the legal proceedings. Case-Laws Income Tax Thu, 06 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338529