https://www.taxtmi.com/caselaws?id=372823 The Tribunal upheld the Commissioner of Income Tax's jurisdiction under Section 263, finding the original assessment order erroneous and prejudicial to revenue interests due to lack of inquiry into waived loans' taxability. The Tribunal directed a fresh assessment to determine the correct tax treatment of loans, rectify errors in computing book profit under Section 115JB, and investigate implications of share capital reduction. The Tribunal dismissed the assessee's appeal, emphasizing the importance of thorough inquiries in line with legal precedents. en-us Thu, 27 Dec 2018 00:00:00 +0530 Sat, 29 Dec 2018 17:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=372823 The Tribunal upheld the Commissioner of Income Tax's jurisdiction under Section 263, finding the original assessment order erroneous and prejudicial to revenue interests due to lack of inquiry into waived loans' taxability. The Tribunal directed a fresh assessment to determine the correct tax treatment of loans, rectify errors in computing book profit under Section 115JB, and investigate implications of share capital reduction. The Tribunal dismissed the assessee's appeal, emphasizing the importance of thorough inquiries in line with legal precedents. Case-Laws Income Tax Thu, 27 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=372823