https://www.taxtmi.com/caselaws?id=444329 The tribunal set aside the Pr. Commissioner of Income Tax's revisionary order and restored the assessment order for the relevant year, holding that the invocation of Section 263 was not justified. The tribunal ruled in favor of the assessee, stating that the surrendered income should be considered normal business income and that the higher tax rate under Section 115BBE was not applicable retrospectively. The principle that the view beneficial to the assessee should be taken when two views are possible was reiterated. en-us Fri, 06 Oct 2023 00:00:00 +0530 Fri, 13 Oct 2023 09:01:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444329 The tribunal set aside the Pr. Commissioner of Income Tax's revisionary order and restored the assessment order for the relevant year, holding that the invocation of Section 263 was not justified. The tribunal ruled in favor of the assessee, stating that the surrendered income should be considered normal business income and that the higher tax rate under Section 115BBE was not applicable retrospectively. The principle that the view beneficial to the assessee should be taken when two views are possible was reiterated. Case-Laws Income Tax Fri, 06 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444329