1991 (6) TMI 45 - HC - Income Tax

Summary

The High Court of Kerala held that the Commissioner of Income-tax was not justified in invoking powers under section 263 of the Income-tax Act for assessment year 1975-76 based on materials not available at the time of assessment. The Appellate Tribunal's decision was supported by a ruling from the Calcutta High Court. The Tribunal was not required to consider a provision inserted in 1988, and thus, the Commissioner did not have the authority to rely on post-assessment materials. The judgment favored the assessees.