https://www.taxtmi.com/caselaws?id=415632 The Appellate Tribunal ITAT Mumbai allowed the appeal and quashed the revision proceedings under section 263 of the Income Tax Act, 1961 for the assessment year 2012-13. The Tribunal held that the Principal Commissioner of Income Tax's decision to disturb the quantification of loss beyond the permissible time limit was unlawful. It emphasized the importance of adhering to statutory time limits and respecting the finality of assessment proceedings, ruling in favor of the assessee and providing relief. en-us Tue, 02 Nov 2021 00:00:00 +0530 Fri, 10 Dec 2021 08:36:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415632 The Appellate Tribunal ITAT Mumbai allowed the appeal and quashed the revision proceedings under section 263 of the Income Tax Act, 1961 for the assessment year 2012-13. The Tribunal held that the Principal Commissioner of Income Tax's decision to disturb the quantification of loss beyond the permissible time limit was unlawful. It emphasized the importance of adhering to statutory time limits and respecting the finality of assessment proceedings, ruling in favor of the assessee and providing relief. Case-Laws Income Tax Tue, 02 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415632