https://www.taxtmi.com/caselaws?id=421510 The Tribunal held in favor of the assessee, ruling that the conditions for invoking section 263 were not met. It found that the AO had conducted thorough inquiries and taken a reasonable view. Additionally, the Tribunal agreed with the assessee on various issues, including the applicability of exemption under section 47(iv), exclusion of capital receipt from book profits under section 115JB, and the absence of warrant for disallowance under section 14A due to the lack of exempt income. As a result, the order under section 263 was overturned, and the assessee's appeal was successful. en-us Fri, 22 Apr 2022 00:00:00 +0530 Fri, 03 Mar 2023 16:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=421510 The Tribunal held in favor of the assessee, ruling that the conditions for invoking section 263 were not met. It found that the AO had conducted thorough inquiries and taken a reasonable view. Additionally, the Tribunal agreed with the assessee on various issues, including the applicability of exemption under section 47(iv), exclusion of capital receipt from book profits under section 115JB, and the absence of warrant for disallowance under section 14A due to the lack of exempt income. As a result, the order under section 263 was overturned, and the assessee's appeal was successful. Case-Laws Income Tax Fri, 22 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=421510