Revisionary Powers under Section 263: Error Must Be Factual or Legal

Tata Aig Life Insurance Company Limited Vs CIT (ITAT Mumbai) Introduction: The case of Tata Aig Life Insurance Company Limited vs CIT (ITAT Mumbai) revolves around the application of Section 263 of the Income Tax Act and the concept of assessment errors. In this legal battle, the ITAT Mumbai scrutinizes the validity of the Commissioner of Income-tax-2’s order passed under Section 263, pertaining to assessment years 2003-04 and 2004-05. Analysis: The case delves into the intricacies of the original assessment, re-assessment, and the Commissioner’s intervention. Tata Aig, an Indian i...