https://www.taxtmi.com/caselaws?id=13309 The High Court of Delhi ruled in a case involving the interpretation of section 263 of the Income-tax Act, 1961, related to the revision of an assessment order for the assessment year 2001-02. The Court held that the transaction in question was genuine and dismissed the Revenue's appeal, emphasizing that the Commissioner should not revise an assessment if two reasonable views exist. The Court found only one reasonable view, as accepted by the Assessing Officer, making the Commissioner's intervention unnecessary. Consequently, the assessment order was not revised under section 263. en-us Wed, 14 Feb 2007 00:00:00 +0530 Thu, 28 May 2009 10:57:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13309 The High Court of Delhi ruled in a case involving the interpretation of section 263 of the Income-tax Act, 1961, related to the revision of an assessment order for the assessment year 2001-02. The Court held that the transaction in question was genuine and dismissed the Revenue's appeal, emphasizing that the Commissioner should not revise an assessment if two reasonable views exist. The Court found only one reasonable view, as accepted by the Assessing Officer, making the Commissioner's intervention unnecessary. Consequently, the assessment order was not revised under section 263. Case-Laws Income Tax Wed, 14 Feb 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13309