https://www.taxtmi.com/caselaws?id=336755 The Tribunal upheld the CIT's decision to assume jurisdiction under section 263 of the Income Tax Act, finding the assessment order passed by the Assessing Officer (A.O.) to be erroneous and prejudicial to the revenue's interest. The A.O. failed to adequately examine core issues raised by the CIT, leading to an inadequate assessment. Consequently, the Tribunal dismissed the appeal filed by the assessee and set aside the assessment order, directing the A.O. to issue a new order after allowing the assessee an opportunity to present their case. en-us Fri, 23 Dec 2016 00:00:00 +0530 Wed, 28 Dec 2016 09:24:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=336755 The Tribunal upheld the CIT's decision to assume jurisdiction under section 263 of the Income Tax Act, finding the assessment order passed by the Assessing Officer (A.O.) to be erroneous and prejudicial to the revenue's interest. The A.O. failed to adequately examine core issues raised by the CIT, leading to an inadequate assessment. Consequently, the Tribunal dismissed the appeal filed by the assessee and set aside the assessment order, directing the A.O. to issue a new order after allowing the assessee an opportunity to present their case. Case-Laws Income Tax Fri, 23 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=336755