https://www.taxtmi.com/caselaws?id=11456 The High Court upheld the decision of the Income-tax Appellate Tribunal, dismissing the appeal challenging the invocation of section 263 of the Income-tax Act by the Commissioner of Income-tax. The court found that the failure to comply with the amended provisions of section 36(1)(vii) regarding bad debts rendered the appeal baseless, emphasizing the retrospective effect of tax law amendments. The court reiterated the Commissioner's authority under section 263 to correct errors of fact and law, highlighting the necessity for adherence to tax laws and regulations. en-us Wed, 01 Oct 2003 00:00:00 +0530 Mon, 10 Aug 2009 10:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11456 The High Court upheld the decision of the Income-tax Appellate Tribunal, dismissing the appeal challenging the invocation of section 263 of the Income-tax Act by the Commissioner of Income-tax. The court found that the failure to comply with the amended provisions of section 36(1)(vii) regarding bad debts rendered the appeal baseless, emphasizing the retrospective effect of tax law amendments. The court reiterated the Commissioner's authority under section 263 to correct errors of fact and law, highlighting the necessity for adherence to tax laws and regulations. Case-Laws Income Tax Wed, 01 Oct 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11456