https://www.taxtmi.com/caselaws?id=220605 The ITAT upheld the initiation of proceedings under section 263 of the Income Tax Act, finding the assessment order erroneous and prejudicial to the interest of revenue. It agreed with the CIT's decision to re-decide the allowability of expenses after necessary inquiries, emphasizing the inadequacy of the assessment proceedings by the Assessing Officer. The ITAT directed the file to be remitted back to the CIT for further adjudication on the objections raised by the assessee, allowing the appeal for statistical purposes. en-us Fri, 04 Jan 2013 00:00:00 +0530 Fri, 01 Feb 2013 08:05:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220605 The ITAT upheld the initiation of proceedings under section 263 of the Income Tax Act, finding the assessment order erroneous and prejudicial to the interest of revenue. It agreed with the CIT's decision to re-decide the allowability of expenses after necessary inquiries, emphasizing the inadequacy of the assessment proceedings by the Assessing Officer. The ITAT directed the file to be remitted back to the CIT for further adjudication on the objections raised by the assessee, allowing the appeal for statistical purposes. Case-Laws Income Tax Fri, 04 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220605