Bombay HC quashes Re-Assessment Order passed u/s 263 of Income Tax Act [Read Order]

Bombay High court - Re-Assessment Order - Re-Assessment - Income Tax Act - Income Tax - Tax - Taxscan

In a significant case the Bombay High court quashed a Re-Assessment Order passed under section 263 of Income Tax Act 1961. Section 263 of Income Tax Act Defined as if the assessment order passed by the assessing officer is erroneous and prejudicial  revenue the principal commissioner or commissioner have the power to revise the order….

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