https://www.taxtmi.com/caselaws?id=199665 The High Court upheld the Tribunal's decision to set aside the Commissioner of Income Tax's order, concluding that the Commissioner exceeded his powers under Section 263 of the Income Tax Act. The Court found that the Commissioner's order was based on conjectures and lacked concrete evidence of erroneous assessment, failing to meet the requirements of Section 263. Additionally, the Court determined that the principle from McDowell & Co. Ltd. v. CIT was not applicable to the case, as there was no evidence of colorable tax planning. Ultimately, the Court ruled in favor of the assessee, holding that the Commissioner's actions were unjustified. en-us Fri, 22 Dec 2017 00:00:00 +0530 Tue, 11 Sep 2018 14:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=199665 The High Court upheld the Tribunal's decision to set aside the Commissioner of Income Tax's order, concluding that the Commissioner exceeded his powers under Section 263 of the Income Tax Act. The Court found that the Commissioner's order was based on conjectures and lacked concrete evidence of erroneous assessment, failing to meet the requirements of Section 263. Additionally, the Court determined that the principle from McDowell & Co. Ltd. v. CIT was not applicable to the case, as there was no evidence of colorable tax planning. Ultimately, the Court ruled in favor of the assessee, holding that the Commissioner's actions were unjustified. Case-Laws Income Tax Fri, 22 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=199665