https://www.taxtmi.com/caselaws?id=767496 The SC dismissed the Revenue's special leave petition regarding Section 263 of the Income Tax Act, 1961, deeming it "misconceived." The case involved a reassessment under Section 148 concerning a non-declared bank account and a deduction claim under Section 10AA. The SC upheld the HC's decision, noting that the issue was a "wrong conclusion" rather than a lack of inquiry. The court emphasized that for the Commissioner to invoke Section 263, the reassessment must be both erroneous and prejudicial to the Revenue. The petition and any pending applications were dismissed. en-us Mon, 17 Feb 2025 00:00:00 +0530 Wed, 19 Mar 2025 06:45:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767496 The SC dismissed the Revenue's special leave petition regarding Section 263 of the Income Tax Act, 1961, deeming it "misconceived." The case involved a reassessment under Section 148 concerning a non-declared bank account and a deduction claim under Section 10AA. The SC upheld the HC's decision, noting that the issue was a "wrong conclusion" rather than a lack of inquiry. The court emphasized that for the Commissioner to invoke Section 263, the reassessment must be both erroneous and prejudicial to the Revenue. The petition and any pending applications were dismissed. Case-Laws Income Tax Mon, 17 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767496