https://www.taxtmi.com/caselaws?id=421187 The Principal Commissioner exercised revisional jurisdiction under section 263 due to errors in the assessment related to a buyback transaction and capital gains on shares sold. The order was found to lack proper inquiry and application of tax laws, justifying the revision. The appellant's challenges on legal grounds and merits were dismissed, affirming the validity of the revisional jurisdiction. The buyback transaction was treated as deemed dividend, leading to tax implications under the Income Tax Act. The capital gains were to be taxed in the hands of the holding company, with the appellant as the representative assessee. en-us Mon, 11 Apr 2022 00:00:00 +0530 Mon, 18 Apr 2022 21:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=421187 The Principal Commissioner exercised revisional jurisdiction under section 263 due to errors in the assessment related to a buyback transaction and capital gains on shares sold. The order was found to lack proper inquiry and application of tax laws, justifying the revision. The appellant's challenges on legal grounds and merits were dismissed, affirming the validity of the revisional jurisdiction. The buyback transaction was treated as deemed dividend, leading to tax implications under the Income Tax Act. The capital gains were to be taxed in the hands of the holding company, with the appellant as the representative assessee. Case-Laws Income Tax Mon, 11 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=421187