https://www.taxtmi.com/caselaws?id=253026 The Tribunal upheld the assessment order passed by the Assessing Officer (AO) and quashed the order of the Commissioner under Section 263 of the Income-tax Act, 1961. It concluded that the AO had properly examined the details, specifically regarding the taxability of income from the sale of agricultural land, and had applied his mind, thus the order was not erroneous or prejudicial to revenue interests. The Tribunal emphasized that for the Commissioner to intervene under Section 263, the order must be both erroneous and prejudicial to revenue, which was not established in this case. en-us Wed, 29 Oct 2014 00:00:00 +0530 Wed, 12 Nov 2014 08:18:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=253026 The Tribunal upheld the assessment order passed by the Assessing Officer (AO) and quashed the order of the Commissioner under Section 263 of the Income-tax Act, 1961. It concluded that the AO had properly examined the details, specifically regarding the taxability of income from the sale of agricultural land, and had applied his mind, thus the order was not erroneous or prejudicial to revenue interests. The Tribunal emphasized that for the Commissioner to intervene under Section 263, the order must be both erroneous and prejudicial to revenue, which was not established in this case. Case-Laws Income Tax Wed, 29 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=253026