https://www.taxtmi.com/caselaws?id=348835 The High Court found the Assistant Commissioner of Income Tax's rejection of the application under Section 281 of the Income Tax Act unsustainable due to lack of discussion on the merits of the application or individual assets. The Court set aside the order and directed reconsideration, emphasizing the importance of precise assessment and adherence to guidelines for granting permission. The judgment highlighted the need for specific consideration of assets and proposed transactions rather than general assumptions. The Court made the rule partly absolute without costs, ensuring the Revenue's interests are protected effectively. en-us Tue, 19 Sep 2017 00:00:00 +0530 Mon, 27 Aug 2018 14:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=348835 The High Court found the Assistant Commissioner of Income Tax's rejection of the application under Section 281 of the Income Tax Act unsustainable due to lack of discussion on the merits of the application or individual assets. The Court set aside the order and directed reconsideration, emphasizing the importance of precise assessment and adherence to guidelines for granting permission. The judgment highlighted the need for specific consideration of assets and proposed transactions rather than general assumptions. The Court made the rule partly absolute without costs, ensuring the Revenue's interests are protected effectively. Case-Laws Income Tax Tue, 19 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=348835