https://www.taxtmi.com/caselaws?id=353505 The Tribunal allowed the appeals, quashing the orders under Section 263. It held that the delay in filing the appeals was condoned due to reasonable cause. The Tribunal upheld the validity of the exemption claimed under Section 10(2A) of the Income Tax Act, stating that the assessees' claim was in accordance with the law. Additionally, it ruled that the Principal Commissioner of Income Tax could not invoke Section 263 solely based on a disagreement with the Assessing Officer's view, emphasizing the need for procedural fairness. en-us Wed, 03 Jan 2018 00:00:00 +0530 Fri, 02 Feb 2018 14:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353505 The Tribunal allowed the appeals, quashing the orders under Section 263. It held that the delay in filing the appeals was condoned due to reasonable cause. The Tribunal upheld the validity of the exemption claimed under Section 10(2A) of the Income Tax Act, stating that the assessees' claim was in accordance with the law. Additionally, it ruled that the Principal Commissioner of Income Tax could not invoke Section 263 solely based on a disagreement with the Assessing Officer's view, emphasizing the need for procedural fairness. Case-Laws Income Tax Wed, 03 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353505