https://www.taxtmi.com/caselaws?id=199378 The High Court upheld the Tribunal's decision to set aside the Commissioner of Income Tax's order under Section 263 of the Income Tax Act. The Court found that the reassessment did not result in prejudice to the revenue as the tax payable on book profits exceeded that on regular income. Therefore, the Court deemed the exercise as academic and dismissed the appeal without awarding costs. en-us Tue, 15 Jan 2013 00:00:00 +0530 Mon, 06 Aug 2018 09:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=199378 The High Court upheld the Tribunal's decision to set aside the Commissioner of Income Tax's order under Section 263 of the Income Tax Act. The Court found that the reassessment did not result in prejudice to the revenue as the tax payable on book profits exceeded that on regular income. Therefore, the Court deemed the exercise as academic and dismissed the appeal without awarding costs. Case-Laws Income Tax Tue, 15 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=199378