https://www.taxtmi.com/caselaws?id=28567 The High Court addressed the validity of the assessment order and subsequent rectification under the Income Tax Act, 1961. The Commissioner's order under section 263(1) was set aside for lack of natural justice, leading to a remand by the Appellate Tribunal. The Commissioner dropped the proceedings after further submissions by the petitioner. The Court emphasized procedural fairness and adherence to natural justice principles. The penalty levied under section 273(c) was deemed invalid, and the appeal was allowed in favor of the assessee. The Court directed the respondent to refund any excess amount recovered from the petitioner based on the original assessment order and rectifications. en-us Mon, 12 Apr 1982 00:00:00 +0530 Tue, 23 Feb 2010 16:18:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28567 The High Court addressed the validity of the assessment order and subsequent rectification under the Income Tax Act, 1961. The Commissioner's order under section 263(1) was set aside for lack of natural justice, leading to a remand by the Appellate Tribunal. The Commissioner dropped the proceedings after further submissions by the petitioner. The Court emphasized procedural fairness and adherence to natural justice principles. The penalty levied under section 273(c) was deemed invalid, and the appeal was allowed in favor of the assessee. The Court directed the respondent to refund any excess amount recovered from the petitioner based on the original assessment order and rectifications. Case-Laws Income Tax Mon, 12 Apr 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28567