https://www.taxtmi.com/caselaws?id=13953 The court dismissed the petition challenging the notice issued under Section 263 of the Income-tax Act, holding that Section 263 applies to proceedings under Section 132(5) as well. It clarified that Section 263 can be invoked during the pendency of Section 132(5) proceedings, allowing objections to be raised. The court emphasized that the petitioner's rights would not be prejudiced, and any objections to assessments under Section 132(5) could be addressed in Section 263 proceedings, resulting in a fresh assessment by the Assessing Officer. The court concluded by dismissing the petition, vacating interim orders, and not awarding costs to either party. en-us Thu, 05 Jul 2001 00:00:00 +0530 Mon, 06 Jul 2009 12:49:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13953 The court dismissed the petition challenging the notice issued under Section 263 of the Income-tax Act, holding that Section 263 applies to proceedings under Section 132(5) as well. It clarified that Section 263 can be invoked during the pendency of Section 132(5) proceedings, allowing objections to be raised. The court emphasized that the petitioner's rights would not be prejudiced, and any objections to assessments under Section 132(5) could be addressed in Section 263 proceedings, resulting in a fresh assessment by the Assessing Officer. The court concluded by dismissing the petition, vacating interim orders, and not awarding costs to either party. Case-Laws Income Tax Thu, 05 Jul 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13953