https://www.taxtmi.com/caselaws?id=254008 The tribunal held that the Commissioner of Income Tax (CIT) erred in exercising jurisdiction under section 263 of the Income Tax Act regarding the deduction of tax at source on reimbursement of freight charges. The tribunal found that the Assessing Officer had considered the issue and made a valid decision, which was not unsustainable in law. Therefore, the tribunal set aside the CIT's order under section 263 and allowed the appeal filed by the assessee, emphasizing that not every loss of revenue indicates prejudice to revenue's interest and that the AO's decision should not be interfered with unless legally unsustainable. en-us Mon, 08 Dec 2014 00:00:00 +0530 Tue, 09 Dec 2014 23:56:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254008 The tribunal held that the Commissioner of Income Tax (CIT) erred in exercising jurisdiction under section 263 of the Income Tax Act regarding the deduction of tax at source on reimbursement of freight charges. The tribunal found that the Assessing Officer had considered the issue and made a valid decision, which was not unsustainable in law. Therefore, the tribunal set aside the CIT's order under section 263 and allowed the appeal filed by the assessee, emphasizing that not every loss of revenue indicates prejudice to revenue's interest and that the AO's decision should not be interfered with unless legally unsustainable. Case-Laws Income Tax Mon, 08 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254008