https://www.taxtmi.com/caselaws?id=361468 The Tribunal ruled in favor of the assessee, quashing the order passed by the CIT under Section 263 of the Income Tax Act. It was held that the reassessment order under Section 153A was valid and not erroneous or prejudicial to the Revenue's interest. The Tribunal emphasized that in the absence of incriminating material, the CIT could not revise the order indirectly. Additionally, the CIT's attempt to tax income under a different head was rejected due to inconsistency with past assessments. The Tribunal's decision was supported by legal precedents, ultimately allowing the appeal of the assessee. en-us Mon, 04 Jun 2018 00:00:00 +0530 Wed, 06 Jun 2018 17:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=361468 The Tribunal ruled in favor of the assessee, quashing the order passed by the CIT under Section 263 of the Income Tax Act. It was held that the reassessment order under Section 153A was valid and not erroneous or prejudicial to the Revenue's interest. The Tribunal emphasized that in the absence of incriminating material, the CIT could not revise the order indirectly. Additionally, the CIT's attempt to tax income under a different head was rejected due to inconsistency with past assessments. The Tribunal's decision was supported by legal precedents, ultimately allowing the appeal of the assessee. Case-Laws Income Tax Mon, 04 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=361468