https://www.taxtmi.com/caselaws?id=34206 The Court ruled in favor of the revenue, holding that the Tribunal's cancellation of the Commissioner's order under Section 263 of the Income Tax Act was erroneous. The Court found that a clarificatory amendment in 1989 allowed for the exercise of power under Section 263 even if an assessment order had been appealed, applying retrospectively to appeals filed before or after 1.6.1988. The judgment emphasized procedural compliance and the retrospective effect of relevant amendments in tax law, clarifying the interpretation of Section 263 and the admissibility of investment allowance for specific assets under Section 32-A. en-us Wed, 08 Jul 2009 00:00:00 +0530 Mon, 16 Aug 2010 17:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34206 The Court ruled in favor of the revenue, holding that the Tribunal's cancellation of the Commissioner's order under Section 263 of the Income Tax Act was erroneous. The Court found that a clarificatory amendment in 1989 allowed for the exercise of power under Section 263 even if an assessment order had been appealed, applying retrospectively to appeals filed before or after 1.6.1988. The judgment emphasized procedural compliance and the retrospective effect of relevant amendments in tax law, clarifying the interpretation of Section 263 and the admissibility of investment allowance for specific assets under Section 32-A. Case-Laws Income Tax Wed, 08 Jul 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34206