https://www.taxtmi.com/caselaws?id=34290 The High Court upheld the Tribunal's decision regarding the validity of the Commissioner of Income Tax's order under section 263. It was determined that there should be no further liability on the proprietory concern for the same assessment year, as the credits had been assessed in the hands of the company after the merger. The Court also ruled that there should not be double taxation on the proprietory concern for the credits under section 68 of the Income Tax Act, as the assessing officer had already taken a view and further investigation was unnecessary. The appeal was dismissed with no costs awarded. en-us Mon, 20 Jul 2009 00:00:00 +0530 Thu, 06 Aug 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34290 The High Court upheld the Tribunal's decision regarding the validity of the Commissioner of Income Tax's order under section 263. It was determined that there should be no further liability on the proprietory concern for the same assessment year, as the credits had been assessed in the hands of the company after the merger. The Court also ruled that there should not be double taxation on the proprietory concern for the credits under section 68 of the Income Tax Act, as the assessing officer had already taken a view and further investigation was unnecessary. The appeal was dismissed with no costs awarded. Case-Laws Income Tax Mon, 20 Jul 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34290