https://www.taxtmi.com/caselaws?id=359171 The Tribunal upheld the Assessing Officer's assessment order for AY 2011-12, ruling that section 79 did not apply due to the continuity of beneficial ownership despite a change in shareholding. The Tribunal found the Principal Commissioner of Income Tax's action under section 263 unwarranted and lacking legal basis, leading to the cancellation of the order and allowing the assessee's appeal. en-us Mon, 23 Apr 2018 00:00:00 +0530 Wed, 25 Apr 2018 06:17:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=359171 The Tribunal upheld the Assessing Officer's assessment order for AY 2011-12, ruling that section 79 did not apply due to the continuity of beneficial ownership despite a change in shareholding. The Tribunal found the Principal Commissioner of Income Tax's action under section 263 unwarranted and lacking legal basis, leading to the cancellation of the order and allowing the assessee's appeal. Case-Laws Income Tax Mon, 23 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=359171