https://www.taxtmi.com/caselaws?id=261655 The Tribunal quashed the notice issued by the Commissioner of Income Tax (CIT) under Section 263 and the impugned order, allowing the appeal of the assessee. The Tribunal held that the Assessing Officer (AO) had conducted reasonable and plausible inquiries and verifications, and the CIT's assumption of jurisdiction under Section 263 was not justified. The Tribunal emphasized the necessity for the CIT to provide a clear finding that the AO's order is erroneous and prejudicial to the revenue's interest before invoking Section 263. en-us Wed, 08 Jul 2015 00:00:00 +0530 Sat, 18 Jul 2015 08:42:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261655 The Tribunal quashed the notice issued by the Commissioner of Income Tax (CIT) under Section 263 and the impugned order, allowing the appeal of the assessee. The Tribunal held that the Assessing Officer (AO) had conducted reasonable and plausible inquiries and verifications, and the CIT's assumption of jurisdiction under Section 263 was not justified. The Tribunal emphasized the necessity for the CIT to provide a clear finding that the AO's order is erroneous and prejudicial to the revenue's interest before invoking Section 263. Case-Laws Income Tax Wed, 08 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261655