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of <h1>ITAT Rules on Section 263: Upholds Original Assessment, Finds Transactions Integral to Business, Not Speculative.</h1> The Income Tax Appellate Tribunal (ITAT) examined a case involving the revisionary powers under Section 263 of the Income Tax Act, 1961, concerning a corporate entity and the Principal Commissioner of Income Tax. The core issues were the legitimacy of proceedings under Section 263, the assessment of errors prejudicial to revenue, and the applicability of Section 43(5) on exchange transactions. The Tribunal found that the original assessment was thorough and addressed the nature of the transactions, which were not speculative but integral to business operations. Consequently, the Tribunal set aside the respondent's order, partially allowing the appeal in favor of the appellant.
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