https://www.taxtmi.com/caselaws?id=383010 The Madras High Court upheld the Tribunal's decision in a case involving the validity of proceedings under Section 263 of the Income Tax Act and the applicability of Section 50B to a business undertaking transfer. The Court agreed with the Tribunal that invoking Section 263 required more than just a revenue loss; it must also be legally unsustainable. Regarding the application of Section 50B, the Court dismissed the revenue's appeal, emphasizing the necessity of proper legal interpretation and application of tax provisions to protect revenue interests. en-us Wed, 03 Jul 2019 00:00:00 +0530 Sat, 13 Jul 2019 10:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=383010 The Madras High Court upheld the Tribunal's decision in a case involving the validity of proceedings under Section 263 of the Income Tax Act and the applicability of Section 50B to a business undertaking transfer. The Court agreed with the Tribunal that invoking Section 263 required more than just a revenue loss; it must also be legally unsustainable. Regarding the application of Section 50B, the Court dismissed the revenue's appeal, emphasizing the necessity of proper legal interpretation and application of tax provisions to protect revenue interests. Case-Laws Income Tax Wed, 03 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=383010