https://www.taxtmi.com/caselaws?id=311849 The HC dismissed the revenue's appeal under Section 260A of the Income Tax Act, 1961, against the ITAT, Kolkata's order for the 2015-16 assessment year. The Tribunal determined that the PCIT's invocation of Section 263 was time-barred and unjustified, as it did not stem from the rectification order under Section 154. Additionally, the Tribunal found that Section 115QA was inapplicable to the assessee due to specific provisions of the Companies Act regarding buy-backs. The Tribunal concluded there were no substantial questions of law, leading to the dismissal of the revenue's appeal. en-us Wed, 10 May 2023 00:00:00 +0530 Tue, 16 Jan 2024 21:19:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311849 The HC dismissed the revenue's appeal under Section 260A of the Income Tax Act, 1961, against the ITAT, Kolkata's order for the 2015-16 assessment year. The Tribunal determined that the PCIT's invocation of Section 263 was time-barred and unjustified, as it did not stem from the rectification order under Section 154. Additionally, the Tribunal found that Section 115QA was inapplicable to the assessee due to specific provisions of the Companies Act regarding buy-backs. The Tribunal concluded there were no substantial questions of law, leading to the dismissal of the revenue's appeal. Case-Laws Income Tax Wed, 10 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311849