https://www.taxtmi.com/caselaws?id=65002 The Tribunal upheld the validity of the order u/s 263 based on a proposal from the ACIT, allowing the CIT to act on information from various sources. It affirmed the CIT's jurisdiction to revise assessments for errors prejudicial to revenue, even if income escaped assessment under section 147. The Tribunal agreed with identifying errors in the original assessment but directed the CIT to instruct the AO to investigate and reassess rather than making firm findings. It limited reassessment to specific items, rejecting wholesale cancellation of the assessment order. Directions on sections 276C and 277 were deemed beyond the CIT's jurisdiction and were deleted. The AO was directed to conduct a fresh assessment after proper investigation. en-us Mon, 27 Oct 1997 00:00:00 +0530 Fri, 11 Feb 2011 15:57:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65002 The Tribunal upheld the validity of the order u/s 263 based on a proposal from the ACIT, allowing the CIT to act on information from various sources. It affirmed the CIT's jurisdiction to revise assessments for errors prejudicial to revenue, even if income escaped assessment under section 147. The Tribunal agreed with identifying errors in the original assessment but directed the CIT to instruct the AO to investigate and reassess rather than making firm findings. It limited reassessment to specific items, rejecting wholesale cancellation of the assessment order. Directions on sections 276C and 277 were deemed beyond the CIT's jurisdiction and were deleted. The AO was directed to conduct a fresh assessment after proper investigation. Case-Laws Income Tax Mon, 27 Oct 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65002