https://www.taxtmi.com/caselaws?id=437612 The High Court of Calcutta allowed the condonation of a 301-day delay in filing the appeal. It held that the Principal Commissioner of Income Tax erred in assuming jurisdiction under Section 263 without valid reasons, citing a previous case law. The Court dismissed the appeal on the validity of revisional proceedings against the assessee, emphasizing the lack of valid reasons for income escaping assessment. Additionally, the treatment of unaccounted funds in the company's bank account was upheld in favor of the assessee, leading to the dismissal of the appeal and stay application. en-us Mon, 16 Jan 2023 00:00:00 +0530 Tue, 09 May 2023 14:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437612 The High Court of Calcutta allowed the condonation of a 301-day delay in filing the appeal. It held that the Principal Commissioner of Income Tax erred in assuming jurisdiction under Section 263 without valid reasons, citing a previous case law. The Court dismissed the appeal on the validity of revisional proceedings against the assessee, emphasizing the lack of valid reasons for income escaping assessment. Additionally, the treatment of unaccounted funds in the company's bank account was upheld in favor of the assessee, leading to the dismissal of the appeal and stay application. Case-Laws Income Tax Mon, 16 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437612