https://www.taxtmi.com/caselaws?id=415826 The Tribunal held that the Principal Commissioner of Income Tax erred in invoking Section 56(2)(vii)(b) and setting aside the assessment under Section 263. The Tribunal ruled in favor of the assessee, determining the date of purchase as per the allotment letter and rejecting retroactive application of the amended law. The order under Section 263 was quashed, restoring the Assessing Officer's decision. The Tribunal emphasized the significance of the allotment letter date and the inapplicability of the amended provision to pre-amendment transactions. en-us Mon, 22 Nov 2021 00:00:00 +0530 Wed, 15 Dec 2021 09:27:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415826 The Tribunal held that the Principal Commissioner of Income Tax erred in invoking Section 56(2)(vii)(b) and setting aside the assessment under Section 263. The Tribunal ruled in favor of the assessee, determining the date of purchase as per the allotment letter and rejecting retroactive application of the amended law. The order under Section 263 was quashed, restoring the Assessing Officer's decision. The Tribunal emphasized the significance of the allotment letter date and the inapplicability of the amended provision to pre-amendment transactions. Case-Laws Income Tax Mon, 22 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415826