https://www.taxtmi.com/caselaws?id=24829 The High Court upheld the Commissioner's jurisdiction under section 263(1) of the Income-tax Act, 1961, and the validity of his order. The Court found the Commissioner justified in invoking section 263(1) due to insufficient proof of initial capital and income. The assessments made under the scheme for new taxpayers were reopened lawfully, and the consolidated order for the assessment years 1971-72 to 1973-74 was deemed valid. The Court concluded that the assessments were prejudicial to Revenue interests and required further investigation. en-us Tue, 02 Aug 1988 00:00:00 +0530 Fri, 22 Jan 2010 16:22:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24829 The High Court upheld the Commissioner's jurisdiction under section 263(1) of the Income-tax Act, 1961, and the validity of his order. The Court found the Commissioner justified in invoking section 263(1) due to insufficient proof of initial capital and income. The assessments made under the scheme for new taxpayers were reopened lawfully, and the consolidated order for the assessment years 1971-72 to 1973-74 was deemed valid. The Court concluded that the assessments were prejudicial to Revenue interests and required further investigation. Case-Laws Income Tax Tue, 02 Aug 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24829