https://www.taxtmi.com/caselaws?id=17053 The High Court ruled in favor of the assessee, holding that the CIT's decision to set aside the assessment order under Section 263 of the IT Act was incorrect. The Court affirmed the validity of the transfer of shares to Akshoy Trading Co. (P) Ltd. as a genuine act of tax planning, dismissing the allegations of tax evasion. The High Court also clarified that the McDowell case was not applicable to the present scenario, thereby upholding the Tribunal's decision and ruling against the Revenue. en-us Fri, 12 Dec 1997 00:00:00 +0530 Mon, 14 Sep 2009 18:20:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17053 The High Court ruled in favor of the assessee, holding that the CIT's decision to set aside the assessment order under Section 263 of the IT Act was incorrect. The Court affirmed the validity of the transfer of shares to Akshoy Trading Co. (P) Ltd. as a genuine act of tax planning, dismissing the allegations of tax evasion. The High Court also clarified that the McDowell case was not applicable to the present scenario, thereby upholding the Tribunal's decision and ruling against the Revenue. Case-Laws Income Tax Fri, 12 Dec 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17053