https://www.taxtmi.com/caselaws?id=252778 The tribunal allowed the assessee's appeal, holding that the assessment order was not erroneous or prejudicial to the revenue. It was determined that the AO had conducted a proper enquiry and taken a possible view on the issues raised. The tribunal emphasized that the CIT lacked new material to justify revising the assessment and cited precedents indicating that if the AO adopts a possible view, the assessment order cannot be considered erroneous. Therefore, the appeal by the assessee was allowed, and the tribunal concluded that the CIT's order under section 263 was not justified. en-us Mon, 13 Oct 2014 00:00:00 +0530 Mon, 23 Feb 2015 18:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=252778 The tribunal allowed the assessee's appeal, holding that the assessment order was not erroneous or prejudicial to the revenue. It was determined that the AO had conducted a proper enquiry and taken a possible view on the issues raised. The tribunal emphasized that the CIT lacked new material to justify revising the assessment and cited precedents indicating that if the AO adopts a possible view, the assessment order cannot be considered erroneous. Therefore, the appeal by the assessee was allowed, and the tribunal concluded that the CIT's order under section 263 was not justified. Case-Laws Income Tax Mon, 13 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=252778