https://www.taxtmi.com/caselaws?id=372935 The Tribunal allowed the appeal of the assessee, finding that the assessment order was not prejudicial to the interest of revenue. It held that the initiation of proceedings under Section 263 of the Income Tax Act was not justified. The Tribunal upheld the cost of acquisition based on the settlement agreement, rejected the valuation by the Principal Commissioner of Income Tax, and found no basis for disallowance under Section 14A due to the absence of exempt income. The order under Section 263 was deemed invalid and quashed. en-us Thu, 20 Dec 2018 00:00:00 +0530 Thu, 03 Jan 2019 08:11:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=372935 The Tribunal allowed the appeal of the assessee, finding that the assessment order was not prejudicial to the interest of revenue. It held that the initiation of proceedings under Section 263 of the Income Tax Act was not justified. The Tribunal upheld the cost of acquisition based on the settlement agreement, rejected the valuation by the Principal Commissioner of Income Tax, and found no basis for disallowance under Section 14A due to the absence of exempt income. The order under Section 263 was deemed invalid and quashed. Case-Laws Income Tax Thu, 20 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=372935