https://www.taxtmi.com/caselaws?id=264025 The Tribunal set aside the CIT's order invoking section 263, restoring the AO's assessment under section 143(3) for the assessment year 2005-06. The Tribunal found the AO's assessment not erroneous or prejudicial to the Revenue, supported by inquiries during assessment proceedings and a previous Tribunal decision. The appeal was allowed, emphasizing that not every loss of revenue constitutes an order prejudicial to the interest of the Revenue. en-us Fri, 14 Nov 2014 00:00:00 +0530 Wed, 16 Sep 2015 06:46:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=264025 The Tribunal set aside the CIT's order invoking section 263, restoring the AO's assessment under section 143(3) for the assessment year 2005-06. The Tribunal found the AO's assessment not erroneous or prejudicial to the Revenue, supported by inquiries during assessment proceedings and a previous Tribunal decision. The appeal was allowed, emphasizing that not every loss of revenue constitutes an order prejudicial to the interest of the Revenue. Case-Laws Income Tax Fri, 14 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=264025