https://www.taxtmi.com/caselaws?id=264626 The Tribunal held that the Principal Commissioner wrongly assumed jurisdiction under Section 263 to initiate proceedings for the assessment year 2006-07. It was found that the Principal Commissioner erred in basing the order on incorrect facts, leading to deeming the order erroneous and prejudicial to revenue. The Tribunal quashed the order and sent the matter back to the Assessing Officer for re-examination. The appellant's appeal was allowed, rendering the stay application moot, with full relief granted on 4th September 2015. en-us Fri, 04 Sep 2015 00:00:00 +0530 Tue, 29 Sep 2015 08:22:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=264626 The Tribunal held that the Principal Commissioner wrongly assumed jurisdiction under Section 263 to initiate proceedings for the assessment year 2006-07. It was found that the Principal Commissioner erred in basing the order on incorrect facts, leading to deeming the order erroneous and prejudicial to revenue. The Tribunal quashed the order and sent the matter back to the Assessing Officer for re-examination. The appellant's appeal was allowed, rendering the stay application moot, with full relief granted on 4th September 2015. Case-Laws Income Tax Fri, 04 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=264626