https://www.taxtmi.com/caselaws?id=37559 The High Court of Calcutta ruled in a case challenging a notice issued by the Commissioner of Income-tax under section 263 of the Income Tax Act, 1961. The Court held that the valuation report, which was not available during the original assessment, could not be considered for revisional purposes. It emphasized that the Commissioner's power to revise is based on the record at the time of the original order by the Income Tax Officer and cannot include materials that come into existence later. The Court quashed the revisional proceeding, deeming it without jurisdiction and invalid. The ruling made the rule absolute, quashing the Commissioner's proceeding under section 263. en-us Mon, 26 Feb 1979 00:00:00 +0530 Tue, 30 Mar 2010 14:28:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37559 The High Court of Calcutta ruled in a case challenging a notice issued by the Commissioner of Income-tax under section 263 of the Income Tax Act, 1961. The Court held that the valuation report, which was not available during the original assessment, could not be considered for revisional purposes. It emphasized that the Commissioner's power to revise is based on the record at the time of the original order by the Income Tax Officer and cannot include materials that come into existence later. The Court quashed the revisional proceeding, deeming it without jurisdiction and invalid. The ruling made the rule absolute, quashing the Commissioner's proceeding under section 263. Case-Laws Income Tax Mon, 26 Feb 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37559