https://www.taxtmi.com/caselaws?id=177106 The Tribunal found that the assessment order was not erroneous or prejudicial to the revenue's interest. It concluded that the CIT's invocation of Section 263 was unjustified as the assessing officer had conducted proper inquiries. The appeal by the assessee was allowed, and the CIT's order under Section 263 was set aside. The Tribunal emphasized that for the CIT to revise an assessment order under Section 263, both conditions of the order being erroneous and prejudicial to revenue's interest must be met, following the precedent set in Malabar Industrial Co. Ltd. v. CIT. en-us Fri, 21 Oct 2011 00:00:00 +0530 Fri, 22 Sep 2017 09:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177106 The Tribunal found that the assessment order was not erroneous or prejudicial to the revenue's interest. It concluded that the CIT's invocation of Section 263 was unjustified as the assessing officer had conducted proper inquiries. The appeal by the assessee was allowed, and the CIT's order under Section 263 was set aside. The Tribunal emphasized that for the CIT to revise an assessment order under Section 263, both conditions of the order being erroneous and prejudicial to revenue's interest must be met, following the precedent set in Malabar Industrial Co. Ltd. v. CIT. Case-Laws Income Tax Fri, 21 Oct 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177106