https://www.taxtmi.com/caselaws?id=425904 The High Court of Calcutta upheld the Tribunal's decision in favor of the assessee on all substantial questions of law raised by the Revenue. The Court emphasized the importance of legal precedents, the possibility of differing interpretations, and the assessing officer's discretion in accepting claims based on established legal principles. The judgment highlighted that when two views are possible and the assessing officer had accepted the claim based on relevant legal precedents, the Commissioner of Income Tax's intervention under Section 263 was deemed unjustified. en-us Thu, 28 Jul 2022 00:00:00 +0530 Wed, 03 Aug 2022 08:56:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425904 The High Court of Calcutta upheld the Tribunal's decision in favor of the assessee on all substantial questions of law raised by the Revenue. The Court emphasized the importance of legal precedents, the possibility of differing interpretations, and the assessing officer's discretion in accepting claims based on established legal principles. The judgment highlighted that when two views are possible and the assessing officer had accepted the claim based on relevant legal precedents, the Commissioner of Income Tax's intervention under Section 263 was deemed unjustified. Case-Laws Income Tax Thu, 28 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425904