https://www.taxtmi.com/caselaws?id=334274 The Tribunal set aside the Principal CIT's order under Section 263, restoring the original assessment order passed under Section 143(3). The Tribunal held that the Principal CIT failed to demonstrate that the assessment order was both erroneous and prejudicial to the Revenue's interests. The Tribunal emphasized the importance of adequate enquiries and supported the Assessing Officer's findings with relevant judicial precedents. The appeal filed by the assessee was allowed, and the Tribunal pronounced the order on 21st October 2016 at Ahmedabad. en-us Fri, 21 Oct 2016 00:00:00 +0530 Sat, 05 Nov 2016 15:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=334274 The Tribunal set aside the Principal CIT's order under Section 263, restoring the original assessment order passed under Section 143(3). The Tribunal held that the Principal CIT failed to demonstrate that the assessment order was both erroneous and prejudicial to the Revenue's interests. The Tribunal emphasized the importance of adequate enquiries and supported the Assessing Officer's findings with relevant judicial precedents. The appeal filed by the assessee was allowed, and the Tribunal pronounced the order on 21st October 2016 at Ahmedabad. Case-Laws Income Tax Fri, 21 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=334274