https://www.taxtmi.com/highlights?id=75319 Revision u/s 263 - CIT setting aside the second reassessment order - time limit to take action u/s 263 - the necessity for the Commissioner to have substantial grounds for considering an order as erroneous and prejudicial to the interests of the revenue - The tribunal found the section 263 order to be unjustifiable for multiple reasons, including the absence of a clear failure by the assessee to disclose fully and truly all material facts necessary for its assessment, and quashed the order. - Revision order quashed. en-us Fri, 01 Mar 2024 07:32:10 +0530 Fri, 01 Mar 2024 07:32:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=75319 Revision u/s 263 - CIT setting aside the second reassessment order - time limit to take action u/s 263 - the necessity for the Commissioner to have substantial grounds for considering an order as erroneous and prejudicial to the interests of the revenue - The tribunal found the section 263 order to be unjustifiable for multiple reasons, including the absence of a clear failure by the assessee to disclose fully and truly all material facts necessary for its assessment, and quashed the order. - Revision order quashed. Highlights Income Tax Fri, 01 Mar 2024 07:32:10 +0530 https://www.taxtmi.com/highlights?id=75319