https://www.taxtmi.com/caselaws?id=349945 The Court upheld the invocation of power by the Commissioner under Section 263 of the Income Tax Act, 1961, despite the appellant's arguments regarding the applicability of Section 10B and interpretation of circulars issued by the CBDT. The Court found that the approval granted by the Development Commissioner needed ratification by the Board of Approval for EOU scheme, and ultimately concluded that the invocation of Section 263 was justified. The Court also left open the question of further ratification, directing that such contentions be considered by the Income Tax authorities. The appeal was dismissed with these observations. en-us Wed, 25 Oct 2017 00:00:00 +0530 Fri, 27 Oct 2017 09:07:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=349945 The Court upheld the invocation of power by the Commissioner under Section 263 of the Income Tax Act, 1961, despite the appellant's arguments regarding the applicability of Section 10B and interpretation of circulars issued by the CBDT. The Court found that the approval granted by the Development Commissioner needed ratification by the Board of Approval for EOU scheme, and ultimately concluded that the invocation of Section 263 was justified. The Court also left open the question of further ratification, directing that such contentions be considered by the Income Tax authorities. The appeal was dismissed with these observations. Case-Laws Income Tax Wed, 25 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=349945