https://www.taxtmi.com/caselaws?id=370038 The Tribunal ruled in favor of the assessee, quashing the proceedings under Section 263. It held that the Principal Commissioner of Income Tax's order was illegal as the original assessment by the Assessing Officer was not erroneous or prejudicial to the Revenue. The Tribunal found that the transaction qualified as a slump sale under Section 50B and not subject to Section 50C. Additionally, it noted that the Assessing Officer had conducted an adequate inquiry, contrary to the Principal Commissioner's assertion. The appeal was allowed, and the decision was pronounced on 17th September 2018. en-us Mon, 17 Sep 2018 00:00:00 +0530 Thu, 08 Nov 2018 10:58:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=370038 The Tribunal ruled in favor of the assessee, quashing the proceedings under Section 263. It held that the Principal Commissioner of Income Tax's order was illegal as the original assessment by the Assessing Officer was not erroneous or prejudicial to the Revenue. The Tribunal found that the transaction qualified as a slump sale under Section 50B and not subject to Section 50C. Additionally, it noted that the Assessing Officer had conducted an adequate inquiry, contrary to the Principal Commissioner's assertion. The appeal was allowed, and the decision was pronounced on 17th September 2018. Case-Laws Income Tax Mon, 17 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=370038