https://www.taxtmi.com/caselaws?id=395812 The Tribunal held that the Principal Commissioner of Income Tax was not justified in invoking Section 263. The Assessing Officer's order, treating the subsidy as a capital receipt, was consistent with past practice and High Court decisions. The Tribunal emphasized the importance of maintaining consistency in tax assessments unless there are significant changes in facts or law. Consequently, the Tribunal set aside the Principal Commissioner's order and upheld the Assessing Officer's assessment, ruling in favor of the assessee. en-us Wed, 15 Apr 2020 00:00:00 +0530 Mon, 08 Jun 2020 17:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395812 The Tribunal held that the Principal Commissioner of Income Tax was not justified in invoking Section 263. The Assessing Officer's order, treating the subsidy as a capital receipt, was consistent with past practice and High Court decisions. The Tribunal emphasized the importance of maintaining consistency in tax assessments unless there are significant changes in facts or law. Consequently, the Tribunal set aside the Principal Commissioner's order and upheld the Assessing Officer's assessment, ruling in favor of the assessee. Case-Laws Income Tax Wed, 15 Apr 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395812