https://www.taxtmi.com/caselaws?id=27201 The High Court upheld the jurisdiction of the Commissioner of Income-tax under section 263 of the Income-tax Act, 1961. The Commissioner was found to have the authority to rectify prejudicial assessments, with the Tribunal remitting the matter back to the Income-tax Officer for redetermination of capital gains in accordance with law. The valuation of bonus shares was to be spread over original and bonus shares, as opposed to valuing them at "nil." The High Court dismissed the petition seeking a referral to the court, emphasizing that the Tribunal's decision allowed the assessee to present objections before the Income-tax Officer. en-us Thu, 14 Mar 1985 00:00:00 +0530 Thu, 11 Feb 2010 14:59:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27201 The High Court upheld the jurisdiction of the Commissioner of Income-tax under section 263 of the Income-tax Act, 1961. The Commissioner was found to have the authority to rectify prejudicial assessments, with the Tribunal remitting the matter back to the Income-tax Officer for redetermination of capital gains in accordance with law. The valuation of bonus shares was to be spread over original and bonus shares, as opposed to valuing them at "nil." The High Court dismissed the petition seeking a referral to the court, emphasizing that the Tribunal's decision allowed the assessee to present objections before the Income-tax Officer. Case-Laws Income Tax Thu, 14 Mar 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27201