https://www.taxtmi.com/caselaws?id=273434 The Tribunal upheld the Commissioner of Income Tax's decision to revise the assessment under section 263 of the Income Tax Act. The Tribunal found the original assessment erroneous and prejudicial to the Revenue due to the Assessing Officer's failure to properly inquire into the provision for loss on assets held for disposal. Additionally, the Tribunal ruled that retrospective amendments to section 115JB could impact the original assessment, supporting the revision under section 263. The Tribunal directed the Assessing Officer to conduct further inquiries and reframe the assessment. en-us Thu, 12 Jan 2017 00:00:00 +0530 Wed, 27 Jun 2018 07:27:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273434 The Tribunal upheld the Commissioner of Income Tax's decision to revise the assessment under section 263 of the Income Tax Act. The Tribunal found the original assessment erroneous and prejudicial to the Revenue due to the Assessing Officer's failure to properly inquire into the provision for loss on assets held for disposal. Additionally, the Tribunal ruled that retrospective amendments to section 115JB could impact the original assessment, supporting the revision under section 263. The Tribunal directed the Assessing Officer to conduct further inquiries and reframe the assessment. Case-Laws Income Tax Thu, 12 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273434