1983 (11) TMI 87 - AT - Income Tax

Summary

The ITAT Bangalore ruled in favor of the appellant in an appeal against the Commissioner's order under section 263 of the Income-tax Act, 1961. The appellant argued that the status was wrongly stated as HUF instead of 'individual,' making the relief under section 54 applicable. The ITAT held that the entire assessment must be considered to determine if it is prejudicial to revenue. The order of the Commissioner was set aside, and the matter was restored for fresh disposal. The appeal was allowed.