https://www.taxtmi.com/caselaws?id=160551 The Tribunal held that the AO's order was not erroneous since it was based on one of the possible views, as supported by various Tribunal decisions. Consequently, the CIT lacked the authority to invoke Section 263 to revise the AO's order. The Tribunal allowed the assessee's appeal, canceling the CIT's order under Section 263 of the Income Tax Act. The decision was pronounced in open court on 14.11.2008. en-us Fri, 14 Nov 2008 00:00:00 +0530 Wed, 08 Nov 2023 14:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=160551 The Tribunal held that the AO's order was not erroneous since it was based on one of the possible views, as supported by various Tribunal decisions. Consequently, the CIT lacked the authority to invoke Section 263 to revise the AO's order. The Tribunal allowed the assessee's appeal, canceling the CIT's order under Section 263 of the Income Tax Act. The decision was pronounced in open court on 14.11.2008. Case-Laws Income Tax Fri, 14 Nov 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=160551