https://www.taxtmi.com/caselaws?id=56941 The Tribunal held that the notice and subsequent order issued under section 263 of the IT Act were invalid as they were made without proper examination of the assessment records and without application of mind. It was determined that the assessment order was not erroneous or prejudicial to the interest of the Revenue. The Tribunal found that the liability on interest payable on deposits was contractual and determinate, and the CIT's conclusions lacked specific reasons. The doctrine of merger was applied, stating that once an issue is subject to appeal, the CIT's jurisdiction to revise the assessment order is ousted. Consequently, the Tribunal quashed the notice and order under section 263, declaring them void ab initio. en-us Tue, 23 May 2000 00:00:00 +0530 Tue, 07 Dec 2010 14:15:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56941 The Tribunal held that the notice and subsequent order issued under section 263 of the IT Act were invalid as they were made without proper examination of the assessment records and without application of mind. It was determined that the assessment order was not erroneous or prejudicial to the interest of the Revenue. The Tribunal found that the liability on interest payable on deposits was contractual and determinate, and the CIT's conclusions lacked specific reasons. The doctrine of merger was applied, stating that once an issue is subject to appeal, the CIT's jurisdiction to revise the assessment order is ousted. Consequently, the Tribunal quashed the notice and order under section 263, declaring them void ab initio. Case-Laws Income Tax Tue, 23 May 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56941