https://www.taxtmi.com/caselaws?id=278344 The Tribunal allowed the appeal, quashing the CIT's order under section 263, emphasizing the necessity of an independent and legally valid basis for exercising revisionary powers under the Income Tax Act. The decision highlighted the importance of an unbiased application of mind by the CIT and underscored that audit objections alone cannot justify assuming jurisdiction under section 263. The judgment emphasized the need for a valid and legally sound basis for invoking section 263, ensuring fairness and adherence to procedural norms in tax assessments. en-us Mon, 25 Jul 2016 00:00:00 +0530 Mon, 28 Jan 2019 06:50:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278344 The Tribunal allowed the appeal, quashing the CIT's order under section 263, emphasizing the necessity of an independent and legally valid basis for exercising revisionary powers under the Income Tax Act. The decision highlighted the importance of an unbiased application of mind by the CIT and underscored that audit objections alone cannot justify assuming jurisdiction under section 263. The judgment emphasized the need for a valid and legally sound basis for invoking section 263, ensuring fairness and adherence to procedural norms in tax assessments. Case-Laws Income Tax Mon, 25 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278344