https://www.taxtmi.com/caselaws?id=333676 The Tribunal held that the Principal Commissioner's invocation of revisionary powers under Section 263 was unjustified as the Assessing Officer's order was not erroneous or prejudicial to the Revenue. The Tribunal found no understatement of income by the assessee and clarified that interest under Section 220(2) was not applicable in this case. It was determined that the AO adequately examined and verified the income details, making the initiation of proceedings under Section 263 unwarranted. The Tribunal allowed the assessee's appeal, setting aside the CIT's order pronounced on 31/08/2016. en-us Wed, 31 Aug 2016 00:00:00 +0530 Thu, 20 Oct 2016 20:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=333676 The Tribunal held that the Principal Commissioner's invocation of revisionary powers under Section 263 was unjustified as the Assessing Officer's order was not erroneous or prejudicial to the Revenue. The Tribunal found no understatement of income by the assessee and clarified that interest under Section 220(2) was not applicable in this case. It was determined that the AO adequately examined and verified the income details, making the initiation of proceedings under Section 263 unwarranted. The Tribunal allowed the assessee's appeal, setting aside the CIT's order pronounced on 31/08/2016. Case-Laws Income Tax Wed, 31 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=333676