https://www.taxtmi.com/caselaws?id=60493 The Tribunal found that the CIT's orders invoking sections 45(2) and 45(3) of the Income-tax Act were unsustainable as these sections did not apply to the case. Assessments completed under section 143(1) could not be revised under section 263, and the CIT's direction for fresh investigation by the ITO was deemed erroneous. The Tribunal concluded that the unaccounted monies received by the firm could not be taxed in the hands of the partners. As a result, the Tribunal set aside the CIT's orders and allowed the appeals. en-us Thu, 07 Sep 1995 00:00:00 +0530 Wed, 05 Jan 2011 15:49:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60493 The Tribunal found that the CIT's orders invoking sections 45(2) and 45(3) of the Income-tax Act were unsustainable as these sections did not apply to the case. Assessments completed under section 143(1) could not be revised under section 263, and the CIT's direction for fresh investigation by the ITO was deemed erroneous. The Tribunal concluded that the unaccounted monies received by the firm could not be taxed in the hands of the partners. As a result, the Tribunal set aside the CIT's orders and allowed the appeals. Case-Laws Income Tax Thu, 07 Sep 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60493