https://www.taxtmi.com/caselaws?id=121165 The tribunal ruled in favor of the appellant, quashing the Commissioner of Income Tax's order under section 263 for the assessment year 2002-03. It was held that the CIT failed to demonstrate that the assessment order was both erroneous and prejudicial to the Revenue, as required by law. The tribunal found that the audit report and records did not support the CIT's assumption of power, leading to the decision that the CIT had not satisfied the conditions for invoking section 263. Consequently, the appeal was allowed in favor of the assessee. en-us Fri, 23 Dec 2005 00:00:00 +0530 Fri, 27 Jul 2012 11:02:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121165 The tribunal ruled in favor of the appellant, quashing the Commissioner of Income Tax's order under section 263 for the assessment year 2002-03. It was held that the CIT failed to demonstrate that the assessment order was both erroneous and prejudicial to the Revenue, as required by law. The tribunal found that the audit report and records did not support the CIT's assumption of power, leading to the decision that the CIT had not satisfied the conditions for invoking section 263. Consequently, the appeal was allowed in favor of the assessee. Case-Laws Income Tax Fri, 23 Dec 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121165