https://www.taxtmi.com/caselaws?id=356960 The tribunal set aside the Principal CIT's order regarding the revision under section 263 of the Income Tax Act for the assessment year 2007-08. It ruled that revising assessment orders in search assessments without incriminating material from completed assessments was impermissible. The tribunal emphasized that the issue of deemed dividend for advances to directors with substantial shares should not be considered in search assessments unless there was incomplete assessment. As no new incriminating material was found during the search, the tribunal allowed the appeals of the assessees, following precedent. en-us Fri, 09 Mar 2018 00:00:00 +0530 Thu, 15 Mar 2018 10:03:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=356960 The tribunal set aside the Principal CIT's order regarding the revision under section 263 of the Income Tax Act for the assessment year 2007-08. It ruled that revising assessment orders in search assessments without incriminating material from completed assessments was impermissible. The tribunal emphasized that the issue of deemed dividend for advances to directors with substantial shares should not be considered in search assessments unless there was incomplete assessment. As no new incriminating material was found during the search, the tribunal allowed the appeals of the assessees, following precedent. Case-Laws Income Tax Fri, 09 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=356960