https://www.taxtmi.com/caselaws?id=306588 The High Court examined the validity of proceedings under section 263 of the Income-tax Act, 1965, following reassessment under section 147. It was determined that the reasons for reopening the assessment were identical to those for invoking section 263. The Tribunal found that the assessee had satisfactorily explained the transactions during reassessment, rendering the invocation of section 263 unjustified. Consequently, the Commissioner's order was set aside. The High Court affirmed the Tribunal's decision, citing prior instances where section 263 orders were overturned. The appeal was dismissed as no substantial legal question arose. en-us Fri, 28 Nov 2008 00:00:00 +0530 Fri, 10 Feb 2023 11:52:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306588 The High Court examined the validity of proceedings under section 263 of the Income-tax Act, 1965, following reassessment under section 147. It was determined that the reasons for reopening the assessment were identical to those for invoking section 263. The Tribunal found that the assessee had satisfactorily explained the transactions during reassessment, rendering the invocation of section 263 unjustified. Consequently, the Commissioner's order was set aside. The High Court affirmed the Tribunal's decision, citing prior instances where section 263 orders were overturned. The appeal was dismissed as no substantial legal question arose. Case-Laws Income Tax Fri, 28 Nov 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306588