https://www.taxtmi.com/caselaws?id=402402 The High Court ruled in favor of the appellant in a case where the Commissioner issued a notice under Section 263 of the Income Tax Act, 1961, for re-assessment. The Court found that the Assessing Officer had conducted a thorough enquiry and had sufficient material to support the assessment. It emphasized that the revisional jurisdiction requires the order to be both erroneous and prejudicial to revenue, and where two views are possible, the Commissioner cannot intervene merely due to a disagreement with the Assessing Officer's view. The Court quashed the orders of the Commissioner and the tribunal, allowing the appeal in favor of the appellant. en-us Mon, 21 Dec 2020 00:00:00 +0530 Thu, 31 Dec 2020 15:04:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402402 The High Court ruled in favor of the appellant in a case where the Commissioner issued a notice under Section 263 of the Income Tax Act, 1961, for re-assessment. The Court found that the Assessing Officer had conducted a thorough enquiry and had sufficient material to support the assessment. It emphasized that the revisional jurisdiction requires the order to be both erroneous and prejudicial to revenue, and where two views are possible, the Commissioner cannot intervene merely due to a disagreement with the Assessing Officer's view. The Court quashed the orders of the Commissioner and the tribunal, allowing the appeal in favor of the appellant. Case-Laws Income Tax Mon, 21 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402402