https://www.taxtmi.com/caselaws?id=326882 The Tribunal invalidated the revision order passed under Section 263 of the Income Tax Act, as the original assessment was found to be neither erroneous nor prejudicial to revenue interests. Consequently, the enhancements and additions made by the CIT were deleted, and the appeal was partly allowed. The Tribunal emphasized that the CIT's actions were based on incorrect facts and assumptions, leading to the quashing of the revision order and rendering consequential proceedings redundant. en-us Tue, 15 Mar 2016 00:00:00 +0530 Wed, 27 Apr 2016 10:25:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326882 The Tribunal invalidated the revision order passed under Section 263 of the Income Tax Act, as the original assessment was found to be neither erroneous nor prejudicial to revenue interests. Consequently, the enhancements and additions made by the CIT were deleted, and the appeal was partly allowed. The Tribunal emphasized that the CIT's actions were based on incorrect facts and assumptions, leading to the quashing of the revision order and rendering consequential proceedings redundant. Case-Laws Income Tax Tue, 15 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326882