https://www.taxtmi.com/caselaws?id=334584 The Tribunal allowed the appeal, holding that the Commissioner of Income Tax's invocation of section 263 to revise the assessment order was unjustified. The Tribunal found that the original assessment order under section 143(3) was not erroneous or prejudicial to revenue. It emphasized the Assessing Officer's proper examination of the issues and acceptance of the exemption claim under section 54F. The Tribunal highlighted the A.O.'s discretion in entertaining revised computations during assessment, ultimately quashing the CIT's order and reinstating the original assessment. en-us Fri, 30 Sep 2016 00:00:00 +0530 Wed, 16 Nov 2016 17:06:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=334584 The Tribunal allowed the appeal, holding that the Commissioner of Income Tax's invocation of section 263 to revise the assessment order was unjustified. The Tribunal found that the original assessment order under section 143(3) was not erroneous or prejudicial to revenue. It emphasized the Assessing Officer's proper examination of the issues and acceptance of the exemption claim under section 54F. The Tribunal highlighted the A.O.'s discretion in entertaining revised computations during assessment, ultimately quashing the CIT's order and reinstating the original assessment. Case-Laws Income Tax Fri, 30 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=334584