2017 (4) TMI 191 - SCH - Income Tax

Revision u/s 263 - Held that - We do not consider it necessary to go into the question whether at the relevant point of time the exercise of jurisdiction under section 263 of the Income-tax Act, 1961 by the Commissioner of Income-tax (Appeals) was justified in view of the fact that the subsequent events have clearly demonstrated that there has been no leakage of revenue and the matter has become academic. HC ref case 2014 (4) TMI 683 - DELHI HIGH COURT

Summary

The Supreme Court of India in 2017 (4) TMI 191 - SC Order, held that the exercise of jurisdiction under section 263 of the Income-tax Act, 1961 by the Commissioner of Income-tax (Appeals) was not justified as subsequent events showed no revenue leakage. The matter was closed accordingly.