https://www.taxtmi.com/caselaws?id=266483 The Tribunal held that the CIT's assumption of jurisdiction under Section 263 of the Income Tax Act was not valid as the CIT failed to establish that the assessment order was both erroneous and prejudicial to the interest of revenue. The assessment order passed by the AO under Section 143(3) was deemed reasonable. The Tribunal quashed the notice and order issued by the CIT under Section 263, ultimately allowing the appeal of the assessee. en-us Wed, 07 Oct 2015 00:00:00 +0530 Wed, 21 Oct 2015 09:46:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=266483 The Tribunal held that the CIT's assumption of jurisdiction under Section 263 of the Income Tax Act was not valid as the CIT failed to establish that the assessment order was both erroneous and prejudicial to the interest of revenue. The assessment order passed by the AO under Section 143(3) was deemed reasonable. The Tribunal quashed the notice and order issued by the CIT under Section 263, ultimately allowing the appeal of the assessee. Case-Laws Income Tax Wed, 07 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=266483