https://www.taxtmi.com/caselaws?id=67154 The Income Tax Appellate Tribunal (ITAT) overturned the Commissioner of Income Tax's (CIT) decision to revise the assessment under section 263 of the Income Tax Act, 1961 for the assessment year 1987-88. The ITAT found that the CIT's order was not erroneous or prejudicial to revenue interests, as the Assessing Officer had applied due diligence during the original assessment. Consequently, the ITAT ruled in favor of the assessee, quashing the CIT's order and allowing the appeal. en-us Mon, 15 May 1995 00:00:00 +0530 Wed, 09 Mar 2011 12:53:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67154 The Income Tax Appellate Tribunal (ITAT) overturned the Commissioner of Income Tax's (CIT) decision to revise the assessment under section 263 of the Income Tax Act, 1961 for the assessment year 1987-88. The ITAT found that the CIT's order was not erroneous or prejudicial to revenue interests, as the Assessing Officer had applied due diligence during the original assessment. Consequently, the ITAT ruled in favor of the assessee, quashing the CIT's order and allowing the appeal. Case-Laws Income Tax Mon, 15 May 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67154