https://www.taxtmi.com/caselaws?id=333905 The appeal filed by the assessee was allowed, and the order passed by the Commissioner of Income Tax (CIT) under section 263 was quashed, restoring the assessment order passed by the Assessing Officer (A.O.) under section 143(3). The tribunal emphasized that for the CIT to assume jurisdiction under section 263, both conditions-erroneous and prejudicial to the revenue-must co-exist, which was not the case in this matter. en-us Fri, 07 Oct 2016 00:00:00 +0530 Thu, 27 Oct 2016 09:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=333905 The appeal filed by the assessee was allowed, and the order passed by the Commissioner of Income Tax (CIT) under section 263 was quashed, restoring the assessment order passed by the Assessing Officer (A.O.) under section 143(3). The tribunal emphasized that for the CIT to assume jurisdiction under section 263, both conditions-erroneous and prejudicial to the revenue-must co-exist, which was not the case in this matter. Case-Laws Income Tax Fri, 07 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=333905