HC Upholds Tribunal’s Finding of Genuine Transactions in Section 263 Proceedings

CIT (LTU) Vs Century Ply Board India Ltd. (Calcutta High Court) The Calcutta High Court addressed an appeal concerning two key questions arising from an order passed by the Commissioner of Income Tax under Section 263 of the Income Tax Act, 1961, and the subsequent decision of the Income Tax Appellate Tribunal (ITAT). The first question examined the appropriateness of the ITAT interfering with a Commissioner’s order directing a fresh assessment. This order was initially triggered by a complaint from the Director General of Income Tax, Mumbai, alleging bogus transactions between the asses...