https://www.taxtmi.com/caselaws?id=421957 The Tribunal found that the Principal Commissioner's revisionary power under section 263 was not justified as the Assessing Officer had properly established the creditworthiness and genuineness of the subscriber entities during reassessment proceedings. The Tribunal noted that the assessee had provided necessary details and discharged its onus regarding high share premium. Therefore, the appeal was allowed, and the decision was upheld in favor of the assessee on 05/04/2022. en-us Tue, 05 Apr 2022 00:00:00 +0530 Thu, 05 May 2022 08:34:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=421957 The Tribunal found that the Principal Commissioner's revisionary power under section 263 was not justified as the Assessing Officer had properly established the creditworthiness and genuineness of the subscriber entities during reassessment proceedings. The Tribunal noted that the assessee had provided necessary details and discharged its onus regarding high share premium. Therefore, the appeal was allowed, and the decision was upheld in favor of the assessee on 05/04/2022. Case-Laws Income Tax Tue, 05 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=421957