https://www.taxtmi.com/caselaws?id=334417 The Tribunal upheld the Principal Commissioner of Income Tax's order under Section 263, finding that the Assessing Officer's failure to verify the "future development expenses" rendered the assessment order erroneous and prejudicial to the interest of revenue. The appeal by the assessee was dismissed, emphasizing the importance of proper verification of expenses and the AO's role as an investigator in ensuring accuracy in assessments. en-us Wed, 21 Sep 2016 00:00:00 +0530 Sun, 13 Nov 2016 23:02:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=334417 The Tribunal upheld the Principal Commissioner of Income Tax's order under Section 263, finding that the Assessing Officer's failure to verify the "future development expenses" rendered the assessment order erroneous and prejudicial to the interest of revenue. The appeal by the assessee was dismissed, emphasizing the importance of proper verification of expenses and the AO's role as an investigator in ensuring accuracy in assessments. Case-Laws Income Tax Wed, 21 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=334417