https://www.taxtmi.com/caselaws?id=19941 The High Court affirmed the Tribunal's decision, ruling in favor of the assessee. The Court held that the Income-tax Officer's assessment order was not erroneous in law or prejudicial to the Revenue's interests. The Commissioner of Income-tax's order under section 263 was found to be based on incorrect facts and without jurisdiction. The Court concluded that the fair market value of the shares as on January 1, 1964, was not "nil" as assumed by the Commissioner. Therefore, the Court upheld the Tribunal's decision and found no error in the assessment order. en-us Wed, 11 Aug 1993 00:00:00 +0530 Tue, 10 Nov 2009 17:08:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19941 The High Court affirmed the Tribunal's decision, ruling in favor of the assessee. The Court held that the Income-tax Officer's assessment order was not erroneous in law or prejudicial to the Revenue's interests. The Commissioner of Income-tax's order under section 263 was found to be based on incorrect facts and without jurisdiction. The Court concluded that the fair market value of the shares as on January 1, 1964, was not "nil" as assumed by the Commissioner. Therefore, the Court upheld the Tribunal's decision and found no error in the assessment order. Case-Laws Income Tax Wed, 11 Aug 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19941