https://www.taxtmi.com/caselaws?id=32740 HC held the Commissioner of Income Tax lacked jurisdiction under section 263 because the twin preconditions for exercising that power were not satisfied and Explanation (c) barred interference. The AO had made inquiries and adopted a tenable view granting partial relief under section 80-I; the existence of two reasonably arguable views meant the assessment could not be treated as erroneous and prejudicial merely because the Commissioner disagreed. The Tribunal erred in upholding the exercise of s.263 powers, and the reference was answered against the validity of the Commissioner's action. en-us Mon, 04 Feb 2008 00:00:00 +0530 Mon, 13 Jul 2026 10:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=32740 HC held the Commissioner of Income Tax lacked jurisdiction under section 263 because the twin preconditions for exercising that power were not satisfied and Explanation (c) barred interference. The AO had made inquiries and adopted a tenable view granting partial relief under section 80-I; the existence of two reasonably arguable views meant the assessment could not be treated as erroneous and prejudicial merely because the Commissioner disagreed. The Tribunal erred in upholding the exercise of s.263 powers, and the reference was answered against the validity of the Commissioner's action. Case-Laws Income Tax Mon, 04 Feb 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=32740