https://www.taxtmi.com/caselaws?id=347428 The appeal challenged the Order of the Income Tax Appellate Tribunal for Assessment Year 2009-10, where the Tribunal allowed the assessee's appeal, setting aside the assessment order. The main issue was the jurisdiction of the Commissioner of Income Tax under Section 263, with the Tribunal emphasizing the need for both conditions of an order being erroneous and prejudicial to Revenue to be met for invoking powers under Section 263. The Tribunal found the Assessing Officer's order was not erroneous or prejudicial, accepted the stock valuation, and concluded there were no substantial questions of law in the appeal. The appeal was dismissed. en-us Mon, 24 Jul 2017 00:00:00 +0530 Mon, 04 Sep 2017 12:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=347428 The appeal challenged the Order of the Income Tax Appellate Tribunal for Assessment Year 2009-10, where the Tribunal allowed the assessee's appeal, setting aside the assessment order. The main issue was the jurisdiction of the Commissioner of Income Tax under Section 263, with the Tribunal emphasizing the need for both conditions of an order being erroneous and prejudicial to Revenue to be met for invoking powers under Section 263. The Tribunal found the Assessing Officer's order was not erroneous or prejudicial, accepted the stock valuation, and concluded there were no substantial questions of law in the appeal. The appeal was dismissed. Case-Laws Income Tax Mon, 24 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=347428