https://www.taxtmi.com/caselaws?id=796611 A revision order under Section 263 concerning a post-demerger assessment was set aside because it was issued without adequate application of mind and before the audited post-demerger financial statements were prepared. The revised return required fresh consideration based on the relevant audited balance sheet and profit and loss account. The demerger's merits and the claimed capital-gains exemption were left open for independent determination. The matter was remitted for fresh adjudication after submission of a proper revised return founded on the audited post-demerger financial statements. en-us Mon, 20 Jul 2026 00:00:00 +0530 Fri, 07 Aug 2026 09:07:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=796611 A revision order under Section 263 concerning a post-demerger assessment was set aside because it was issued without adequate application of mind and before the audited post-demerger financial statements were prepared. The revised return required fresh consideration based on the relevant audited balance sheet and profit and loss account. The demerger's merits and the claimed capital-gains exemption were left open for independent determination. The matter was remitted for fresh adjudication after submission of a proper revised return founded on the audited post-demerger financial statements. Case-Laws Income Tax Mon, 20 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=796611