https://www.taxtmi.com/caselaws?id=60687 The Tribunal upheld the Commissioner's order under section 263 of the Income-tax Act, 1961, directing the Income Tax Officer to reframe the assessment of an assessee-firm due to a discrepancy in the closing stock value for the assessment year 1976-77. The Tribunal dismissed the assessee's appeal, affirming the Commissioner's jurisdiction and decision to set aside the assessment. The Tribunal found the Commissioner's actions lawful, emphasizing the availability of remedial measures for subsequent assessments under section 144, despite objections raised by the assessee's counsel regarding the jurisdiction and outcome of the Commissioner's order. en-us Sat, 05 May 1984 00:00:00 +0530 Fri, 07 Jan 2011 16:08:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60687 The Tribunal upheld the Commissioner's order under section 263 of the Income-tax Act, 1961, directing the Income Tax Officer to reframe the assessment of an assessee-firm due to a discrepancy in the closing stock value for the assessment year 1976-77. The Tribunal dismissed the assessee's appeal, affirming the Commissioner's jurisdiction and decision to set aside the assessment. The Tribunal found the Commissioner's actions lawful, emphasizing the availability of remedial measures for subsequent assessments under section 144, despite objections raised by the assessee's counsel regarding the jurisdiction and outcome of the Commissioner's order. Case-Laws Income Tax Sat, 05 May 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60687