https://www.taxtmi.com/caselaws?id=757781 The HC quashed the revisional order passed u/s 263 of the Income Tax Act. The Revisional Authority had set aside the original assessment and directed fresh assessment regarding prior period expenses claimed u/s 37, without making specific findings that the benefit was wrongly allowed or that the assessment was erroneous and prejudicial to revenue. The court held that powers u/s 263 cannot be invoked without proper enquiry and satisfaction by the Revisional Authority. The order was passed in contravention of statutory requirements as the Authority failed to examine records properly or reach definitive conclusions about the assessee's entitlement to claim prior period benefits. en-us Tue, 27 Aug 2024 00:00:00 +0530 Thu, 16 Jan 2025 16:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757781 The HC quashed the revisional order passed u/s 263 of the Income Tax Act. The Revisional Authority had set aside the original assessment and directed fresh assessment regarding prior period expenses claimed u/s 37, without making specific findings that the benefit was wrongly allowed or that the assessment was erroneous and prejudicial to revenue. The court held that powers u/s 263 cannot be invoked without proper enquiry and satisfaction by the Revisional Authority. The order was passed in contravention of statutory requirements as the Authority failed to examine records properly or reach definitive conclusions about the assessee's entitlement to claim prior period benefits. Case-Laws Income Tax Tue, 27 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757781