https://www.taxtmi.com/caselaws?id=192361 The Tribunal set aside the Principal Commissioner of Income Tax's order assuming jurisdiction under Section 263 of the Income Tax Act. The Tribunal found that the errors identified in the assessment order related to cash deposits, turnover, and TDS credit did not warrant the assumption of jurisdiction. The Assessee's appeal was allowed, emphasizing that the Commissioner's power under Section 263 requires prima facie material to show that lawful tax imposition was not carried out, and loss of revenue due to a permissible course of action by the Assessing Officer does not render the order prejudicial to Revenue. en-us Fri, 18 Sep 2015 00:00:00 +0530 Sat, 27 May 2017 07:03:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=192361 The Tribunal set aside the Principal Commissioner of Income Tax's order assuming jurisdiction under Section 263 of the Income Tax Act. The Tribunal found that the errors identified in the assessment order related to cash deposits, turnover, and TDS credit did not warrant the assumption of jurisdiction. The Assessee's appeal was allowed, emphasizing that the Commissioner's power under Section 263 requires prima facie material to show that lawful tax imposition was not carried out, and loss of revenue due to a permissible course of action by the Assessing Officer does not render the order prejudicial to Revenue. Case-Laws Income Tax Fri, 18 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=192361