https://www.taxtmi.com/caselaws?id=421135 The appeals were admitted despite a 60-day delay due to the COVID-19 pandemic. The Principal Commissioner of Income Tax's decision to set aside the assessment order for the year 2013-14 under section 263 was challenged by the assessee and subsequently quashed by the Tribunal. However, for the year 2014-15, the Tribunal upheld the PCIT's order for reassessment under section 263, leading to the dismissal of the appeal for that year. The differing interpretations of section 56(2)(vii)(b) of the Income Tax Act resulted in the Tribunal allowing one appeal and dismissing the other. en-us Tue, 29 Mar 2022 00:00:00 +0530 Mon, 18 Apr 2022 08:09:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=421135 The appeals were admitted despite a 60-day delay due to the COVID-19 pandemic. The Principal Commissioner of Income Tax's decision to set aside the assessment order for the year 2013-14 under section 263 was challenged by the assessee and subsequently quashed by the Tribunal. However, for the year 2014-15, the Tribunal upheld the PCIT's order for reassessment under section 263, leading to the dismissal of the appeal for that year. The differing interpretations of section 56(2)(vii)(b) of the Income Tax Act resulted in the Tribunal allowing one appeal and dismissing the other. Case-Laws Income Tax Tue, 29 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=421135