https://www.taxtmi.com/caselaws?id=273076 The High Court of Karnataka dismissed the revenue's appeal against a tribunal's order under Section 263 of the Income Tax Act. The court found that the tribunal correctly determined that the Commissioner of Income Tax did not establish errors prejudicial to the revenue in the order. Emphasizing the need for the order to be both erroneous and prejudicial to the revenue for invoking power under Section 263, the High Court held that since the assessing authority's view was valid and not prejudicial, there was no basis for interference. The court ruled in favor of the assessee, leading to the dismissal of the appeal. en-us Fri, 28 Nov 2014 00:00:00 +0530 Sat, 02 Jun 2018 13:25:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273076 The High Court of Karnataka dismissed the revenue's appeal against a tribunal's order under Section 263 of the Income Tax Act. The court found that the tribunal correctly determined that the Commissioner of Income Tax did not establish errors prejudicial to the revenue in the order. Emphasizing the need for the order to be both erroneous and prejudicial to the revenue for invoking power under Section 263, the High Court held that since the assessing authority's view was valid and not prejudicial, there was no basis for interference. The court ruled in favor of the assessee, leading to the dismissal of the appeal. Case-Laws Income Tax Fri, 28 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273076