https://www.taxtmi.com/caselaws?id=301456 The High Court ruled against the assessee, supporting the Revenue's position regarding the interpretation of Section 263 of the Income Tax Act, 1961. The Court held that the Commissioner of Income Tax had the authority to cancel an assessment if found to be erroneous and against the interests of revenue. The Court clarified that the term "record" under the Explanation to Section 263 includes documents available to the CIT at the time of passing the order, not just those accessible during the assessment, aligning with established legal precedent. en-us Wed, 19 Mar 2003 00:00:00 +0530 Tue, 05 Apr 2022 10:37:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=301456 The High Court ruled against the assessee, supporting the Revenue's position regarding the interpretation of Section 263 of the Income Tax Act, 1961. The Court held that the Commissioner of Income Tax had the authority to cancel an assessment if found to be erroneous and against the interests of revenue. The Court clarified that the term "record" under the Explanation to Section 263 includes documents available to the CIT at the time of passing the order, not just those accessible during the assessment, aligning with established legal precedent. Case-Laws Income Tax Wed, 19 Mar 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=301456