https://www.taxtmi.com/caselaws?id=410906 The High Court held that the Commissioner of Income Tax (CIT) lacked jurisdiction to revise the Assessing Officer's decision to drop reopening proceedings under Section 147 of the Income Tax Act. It was determined that there was no change in beneficial ownership triggering Section 10A(9) of the Act, and the twin conditions for invoking Section 263 were not met. The Court dismissed the revenue's appeal, upholding the Tribunal's decision in favor of the assessee on all issues, emphasizing the importance of meeting both conditions for exercising power under Section 263. en-us Tue, 03 Aug 2021 00:00:00 +0530 Tue, 22 Feb 2022 17:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410906 The High Court held that the Commissioner of Income Tax (CIT) lacked jurisdiction to revise the Assessing Officer's decision to drop reopening proceedings under Section 147 of the Income Tax Act. It was determined that there was no change in beneficial ownership triggering Section 10A(9) of the Act, and the twin conditions for invoking Section 263 were not met. The Court dismissed the revenue's appeal, upholding the Tribunal's decision in favor of the assessee on all issues, emphasizing the importance of meeting both conditions for exercising power under Section 263. Case-Laws Income Tax Tue, 03 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410906