https://www.taxtmi.com/caselaws?id=186432 The Tribunal allowed the appeal, canceling the order under section 263. It condoned the delay in filing the appeal, considering the appellant's reliance on legal advice. The Tribunal held that the Director of IT (Exemptions) had the jurisdiction to revise the order under section 263, citing relevant case law. It found that the AO's decision to drop proceedings under section 147 was not erroneous or prejudicial to revenue, as it was a valid interpretation of the facts. Consequently, the Tribunal concluded that the action under section 263 could not be upheld, leading to the cancellation of the Director's order. en-us Fri, 05 Sep 2008 00:00:00 +0530 Sat, 17 Sep 2016 17:08:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186432 The Tribunal allowed the appeal, canceling the order under section 263. It condoned the delay in filing the appeal, considering the appellant's reliance on legal advice. The Tribunal held that the Director of IT (Exemptions) had the jurisdiction to revise the order under section 263, citing relevant case law. It found that the AO's decision to drop proceedings under section 147 was not erroneous or prejudicial to revenue, as it was a valid interpretation of the facts. Consequently, the Tribunal concluded that the action under section 263 could not be upheld, leading to the cancellation of the Director's order. Case-Laws Income Tax Fri, 05 Sep 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186432